Mitsubishi has officially revealed the all-new 2014 Mirage hatchback on its global debut at the New York Auto Show during this week.

The new Mirage is powered by a 1.2-liter 3-cylinder DOHC engine that can be paired to either a five-speed manual gearbox or advanced CVT. Maximum output reaches up to 74 bhp and 74 lb-ft of torque, with the EPA-estimated fuel economy of 37/44/40 mpg (city/highway/combined).

The Japanese automaker said that this hatchback benefit from the latest version of MIVEC (Mitsubishi Innovative Valve timing Electronic Control), which allows this small three-cylinder engine to offer better fuel efficiency and reduce exhaust emissions.

The regular DE model is equipped with some standard features, including 60/40 split folding rear seat, automatic climate control, electric power steering, 165/65R14 low rolling-resistance tires, rear spoiler, keyless entry with panic alarm, 4-speaker 140-watt AM/FM/CD/MP3 with USB/iPod and much more.

While the standard safety equipment includes dual-stage front air bag SRS, anti-lock brakes, active stability control, tire pressure monitoring system and hill start assist for CVT only.

Furthermore, the Mirage ES models will add some additional equipment over DE models such as 14-inch alloy wheels, leather-wrapped steering wheel & shift knob, steering wheel-mounted audio controls, upgraded seat fabric and much more.

The 2014 Mitsubishi Mirage is scheduled to go on sale in U.S. dealerships later this year. Official pricing details will be announced closer to the on-sale date.