Ford has been hyping its Fiesta subcompact for quite some time now. The American auto giant has been previewing European versions of the vehicle across the country for the past year and has blitzed the airwaves with Fiesta "commercials" during American Idol.

Now with production having kicked off in Mexico, Ford is proud to announced that its latest vehicle is EPA certified for up to 29 mpg in the city and an impressive 40 mpg on the highway. That 40 mpg number is for a Fiesta equipped with the 6-speed, PowerShift semi-automatic transmission. Ford has touted the 40 mpg figure before as a preliminary estimate, but now the numbers are official.

For those that like to row their own gears, mileage isn't quite as impressive. Fiestas equipped with a manual transmission will only get 28 mpg in the city and 37 mpg on the highway.

For comparison, the most efficient versions of the Honda Fit and Toyota Yaris are rated at 28/35 (city/highway) and 28/36 respectively.

"The new Fiesta is yet another car in Ford's lineup that delivers class-leading fuel economy," said Barb Samardzich, vice president, Global Powertrain Engineering. "From Super Duty to Fusion Hybrid and the new Mustang V-6, Ford is committed to fuel economy leadership with every new vehicle it introduces in all segments."

"We worked hard to deliver the class-leading fuel economy Ford is becoming synonymous for," said Fiesta chief nameplate engineer Steve Pintar. "To be the only vehicle in the segment to deliver 40 mpg is something we feel consumers will appreciate."

Pricing for the Fiesta starts at $13,320 for the base sedan and creeps all the way up to $18,190 for an SES hatchback equipped with the PowerShift transmission. All versions of the Fiesta are powered by a 1.6-liter four-cylinder engine that provides 120 hp and generates 109 lb-ft of torque.

The current four-cylinder engine is expected to be replaced shortly with a three-cylinder EcoBoost engine which should further increase fuel economy both in the city and on the highway.