Last February, we revealed that a production version of the Hyundai Veloster was in the works and would likely hit the market as a late 2011 or 2012 model. At the time, we were hoping for a modern reincarnation of the classic Honda CRX, and it seems like Hyundai may be answering our calls.

Speaking to Inside Line, Hyundai of America's President and CEO John Krafcik says the new machine will look 70% to 80% like the Veloster concept that we saw firsthand at the LA Auto Show in 2007, and it will feature some sort of unique styling element. Says Krafcik, "It might be doors or a unique roof or something with the hatch. But it won't be like anything out there before in the small car segment."

Krafcik goes on to say the car will be significantly smaller than the firm's own Genesis Coupe (not to mention the Kia Forte) and it will be powered by a 1.6-liter four-banger fortified with direct injection that will offer up 140 horsepower while returning over 40 miles per gallon.

"Think of it like a four-passenger Honda CRX. It'll be a little car you can take out and wring its neck and still get good mileage," he said. "Fun and economical, with a great power-to-weight ratio." Sounds like a winner. All that's left to figure out is the car's name, which may or may not end up being either Veloster or Tiburon