BMW has unveiled the latest third-generation Mini, which offers better thrust over its previous models in terms of fuel efficiency, design and performance.

BMW, world's biggest luxury car maker, officially showed off  its next generation Mini. The new Mini has undergone a complete overhaul from its previous models in terms of  performance, efficiency, design and of course luxury. BMW is looking to steal away the thunder in the lucrative high-end compact car market with its latest entry.

BMW released the detailed specifications, features and images of the all-new Cooper and Cooper S hardtop model, which claims to be larger than its predecessors and is built on a new platform. The new Mini may look slightly identical, considering the company wants to stick to its signature look, but it features several enhancements.

"Mini drivers have been registering their interest in the new Mini hatch for a few months now and we're confident that our dealers will have no problem selling them," BMW Mini Brand Director, Chris Brownridge told Car Dealer magazine. "The next generation Mini is a completely new car. However, by making subtle changes and enhancing original elements of the previous model, it still clearly resembles the Mini brand. It features more efficient and more powerful drivetrains and the in-car equipment Mini is offering in this segment is what you'd usually expect to find in luxury premium cars."

The new Mini will be getting a twin-turbocharged 1.5-litre 3-cylinder engine built on a new platform called UKL1, producing 134 hp and 219 Nm of torque. The Cooper S model gets twin-turbocharged 2.0-litre 4-cylinder engine producing 189 hp and 280 Nm of torque. This throttles the car to achieve 0-100 kph in about 6.7 seconds, and as for the Cooper it takes about 7.7 seconds.

The car features new grille, LEDs on the front lights, low rear bumper, and a steeper windscreen. The new model is taller and wider compared to the previous ones. This enables better boot space, mainly in the rear seats.

BMW will start the production of the new Mini later this week and it is set to hit the dealer showrooms next year. The prices start from £15,300 (about $24,500) for the Cooper, £16,450 ($26,500) for the Cooper D and £18,650 ($30,000) for the Cooper S. All models will be available in 10 bold colors.