A new challenger to the hybrid market will enter the spotlight on October 2, at this year’s International Auto Show held in Paris, when Honda is planning on unveiling the new Insight Concept hybrid vehicle. The five-passenger car will make its official debut on the U.S. market next spring, at a price that is said to be lower than that of any available hybrids.

Honda spoke with great confidence of the advantages Insight will have on the market, adding that this concept car defines a new stage in the evolution of hybrid technology, which combines a more cost-efficient Honda Integrated Motor Assist hybrid technology with a level of affordability that will appeal to customers worldwide.

Takeo Fukui, CEO of Honda Motor Co., said that just as the original Insight, which pioneered hybrid technology in the United States, the new Insight will carry on the symbol of Honda’s commitment to innovative technology and fuel efficiency. At the same time, he added that “this new Insight will break new ground as an affordable hybrid within the reach of customers who want great fuel economy and great value.”

Honda Insight was first introduced in the United States in 1999, and it became the country’s first gas-electric hybrid car. Although the production was discontinued in 2006, Honda is trying to revamp the Insight name and make a brave attempt on a market clearly dominated by Toyota.

The Insight Concept hybrid vehicle to be unveiled next month takes a new futuristic approach, expanding the original two-seat car to a five-seat model, improving the fuel efficiency and simply making the hybrid car more appealing and affordable than ever.

The automaker expects annual global sales on 200,000 unites per year, half of which should come from North America. Furthermore, the company is planning on unveiling another sporty hybrid vehicle, this time based on the CR-Z, which should raise its global sales of hybrid cars to 500,000 per year.