Small cars no longer have to be cheap cars and, as the excellent Honda Fit and other top sellers in the increasingly competitive small-car segment are proving, even affordable small cars don’t have to be cheap any more. From the look of it, the Mazda 2 adds “genuinely attractive” to the list of newly discovered small-car attributes. We’ll get to see for ourselves when it goes on sale in the U.S. in July.

The 2 debuted at the 2007 Geneva auto show, but Mazda’s plans regarding U.S. sales were still up in the air at the time. Now, seeing the continued success of other small cars here, Mazda will make a play at our market.

The U.S. car will forego the 1.3-liter inline-fours available in Japan and Europe in favor of a more powerful 1.5-liter four-cylinder. Power ratings are 100 hp and 98 lb-ft of torque—hardly numbers to get excited about, but competitive with the Fit’s 117 and 106, respectively. Weighing in, Mazda says, at 2300 to 2350 pounds depending on trim level, the 2 is a couple hundred pounds lighter than the Fit, so we expect Fit-like acceleration from the Mazda.

Fuel-economy ratings are about what we’d expect of the segment: 28 city/35 highway mpg with the standard five-speed manual transmission, 28/34 with the optional four-speed automatic.

While buyers in other markets can pick between three- and five-door configurations, we’ll only get the five-door hatchback. There are just two models to choose from: Sport, starting at $14,730, and Touring, starting at $16,185. For comparison purposes, the Honda Fit is priced from $15,610 for the base model and $17,120 for the Fit Sport.

Standard equipment on the Sport model includes ABS, stability control, traction control, electric power steering, air conditioning, a four-speaker sound system with auxiliary input, keyless entry, and 15-inch steel wheels. Upgrading to Touring trim nets alloy wheels, a six-speaker sound system, upgraded seat fabric with red accents, fog lights, a roof spoiler, a chrome exhaust tip, a trip computer, cruise control, and a leather-wrapped steering wheel with inset cruise and audio controls.

Buyers will find precious few options on the order form. Picking the four-speed automatic transmission adds $800. Crystal White Pearl paint is $200, a cargo net is $40, and an auto-dimming rearview mirror with compass costs $295. Touring models can add wheel locks for $50. All-weather floor mats, a bumper guard, and a center-console armrest will be available sometime after launch.

A sign of the times: the Mazda 2 will feature a brake override system that cuts engine power if both brake and accelerator pedals are depressed. It’s undoubtedly a nod to Toyota’s recent unintended acceleration problems. Mazda says all its 2011 North American–market vehicles will have the system.