This is Mazda’s all-new 3, revealed at this week’s Bologna motor show. It aims to gun down hatchback favourites such as the Ford Focus and VW Golf with a mixture of style, value and performance. And there’s a hot one on the way, too.

The outgoing 3 is Mazda’s best seller at the moment, and its year-on-year sales have posted an increase every annum – despite it approaching six-years old by the time this pointy new 3 hits the roads.

The styling has evolved to incorporate hints of the recent RX-8 and MX-5 redesigns, with a drag coefficient of 0.30, pretty good going for a five-door hatch.

Engines wise, the range will kick off with the usual suspects – 1.6- and 2-litre petrols and 1.6- and 2.2-litre diesels, although the latter is offered in two states of tune, the higher one pushing out 182bhp, with peak torque of 295lb ft available from just 1800rpm, figures which could earn it a bit of a cult following for those requiring something with a bit of sense.

If you’re willing to hang around, though, there’s a new MPS on the horizon. It’s set to use the same 2.3-litre turbo petrol engine as the current car, but Mazda sources assure us that power and performance will receive a boost from their current 256bhp, 280lb ft and 6.1sec to 62mph, while improved technology will cut emissions and fuel consumption at the same time. Pretty key stuff when you’re peddling fast cars at the moment.

Based on the all-new 3 platform, it enjoys uprated dynamics and suspension, items already under scrutiny as the car completes development at the ‘Ring. It's almost certain to stay front-wheel drive. The new 3 also weighs up to 15kg less than the mk1, which is pretty good achievement considering the extra safety and technology that’s gone into it. Mazda has already proved intent on shaving weight from its cars with the 2, which sadly won’t be getting a hot MPS model.

Our source also confirmed the new 3 MPS will be priced aggressively, so expect the benchmark in this class, the Golf GTI, to be undercut. It’ll also look quite daring, apparently, eschewing the discreet looks of old hot 3 for some classic hot hatch air scoops, big bumpers and diffusers. It’ll be on show at Geneva in Spring 2009, and we’re quite looking forward to it.

For more from the Bologna motor show, click here.