Takashi Nagai in New Delhi on Tuesday. Picture by Rajesh Kumar

New Delhi, Sept. 27: Japanese car major Honda today launched its small car Brio, which is priced between Rs 3.95 lakh and Rs 5.1 lakh (ex-showroom, Delhi).

The Brio is the latest entrant in the competitive small car segment. Small cars constitute more than 70 per cent of the around 2.5 million cars sold in the country.

The Brio is powered by a 1.2-litre petrol engine and will compete with the Maruti Ritz, Hyundai i10, Toyota Liva and Ford Figo.

Honda, which operates in India through a joint venture with the Siel group, said the strategy to use local parts had helped it to keep prices at a competitive level.

“We have been able to launch the Brio at a competitive price because of localisation of critical components,” Takashi Nagai, president and CEO of Honda Siel Cars India, said. At present, the Brio is 80 per cent localised.