BMW unveiled a more fuel efficient, third-generation Mini this week in London ahead of vehicle's scheduled debut at the 2013 L.A. Auto Show.

The three-door hatchback's launch took place in Cowley, Oxford, at a Mini production plant, according to Reuters. The launch also occurred on the 107th anniversary of the birth of the Mini's creator Alex Issigonis.

"It's a brand new car under the skin and it retains that go-kart feel to drive," said BMW board member Peter Schwarzenbauer, according to Reuters.

Schwarzenbauer described the new vehicle as "original and still cheeky" and hopes it will appeal to "young people with their finger on the pulse" along with older Mini drivers.

The last Mini generation debuted in 2007.

The car will come with a number of new features like a new grille, LEDs on the front lights, a new windscreen and a lower rear bumper. It will come available with a choice of three new 3 or 4 cylinder engines, according to the automaker.

Fuel consumption has been reduced by approximately 27 percent, Schwarzenbauer said at the unveiling.

BMW will start production for the new Mini later on this week and it will go on sale in March 2014.

"Mini is in good hands with BMW," British transport secretary Patrick McLoughlin said, according to Reuters. "The success of the Mini proves Britain's manufacturing sector is good enough to compete and win on the global stage."

The base Cooper can go 0 to 60 mph in 7.4 seconds, and 7.3 seconds with the automatic. It has a top speed of 130 mph, according to BMW.

The original Mini was a huge success when it first went on sale in 1959 and has been a popular BMW vehicle since the brand was revived in 2001.

Mini sales increased 21 percent in 2012, as the company reported 285,000 cars sold last year.

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