After the cagey release of the North American 2012 Yaris under a tent during the Lollapalooza annual music festival in Chicago earlier this month, Toyota officially revealed its revamped contender in the subcompact segment that rivals the likes of the Ford Fiesta and Mazda2.

The redesigned Yaris is available either as a three-door liftback or five-door liftback with power coming from a 1.5-liter gasoline engine producing 106HP at 6,000 rpm and 103 lb.-ft. of peak torque at 4,200 rpm. A five-speed manual gearbox or a four-speed automatic transmission drives the front wheels.

In the new Yaris, the wheelbase has been lengthened by two inches, to 98.8 inches, with the overall length of the vehicle growing by 2.9 inches, to 153.5 inches, and the height reduced by 0.6 inches.

Toyota says the luggage compartment area has been lengthened by 5.7 inches, and widened by 2.1 inches, to increase cargo volume by 64 percent in the 3-door and 68 percent in the 5-door. Cargo capacity with the rear seat up is 15.3 cu. ft. on the 3-door and 15.6 cu. ft. on the 5-door.

Buyers can choose from three different grades including the entry-level L, the LE and the sportier SE which is offered only as a five door.

The base MSRP ranges from $14,115 for the L grade three-door liftback with a five-speed manual transmission to $17,200 for the SE grade five-door liftback with a four-speed automatic transmission.

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