Hyundai hits 40 ... mpg, that is, with the 2011 Elantra sedan.

The mileage numbers for the new 2011 Hyundai Elantra might get some folks checking the fine print to see if they refer to a hybrid model.  But no, the all-new model, which debuts at the Los Angeles Auto Show this week, really is rated at 40 miles per gallon on the highway and a respectable 29 mpg around town.

And that doesn’t just refer to a special edition model of the Korean carmaker’s new compact sedan.  That covers all versions, unlike the Chevrolet Cruze, which breaks that significant mileage milestone – hitting 42 mpg — only with its Eco edition.

But mileage isn’t the only thing Hyundai hopes the 2011 Elantra will have going for it.  Traditionally a conservative compact that aimed to sell on price, the new model gets a decidedly more modern and stylish exterior design, using Hyundai’s new Fluidic Sculpture form language, that might be thought of as a Baby Sonata.  And that’s not a bad thing considering the strong consumer response to the latest version of that midsize offering.

As with the bigger Sonata, the 2011 Elantra will be offered only with a four-cylinder engine, in this case a 1.8-liter package that’s mated to a six-speed automatic.  It turns out 148 horsepower and 131 lb-ft of torque.

Company officials are hinting both performance and mileage could get even better with the switch to a direct-injection engine in the not-too-distant future.

A hatchback touring edition is also reportedly under development, though it’s not clear it would come to the U.S.  But with young Millennials showing more interest in 5-door designs that remains a distinct possibility.

The 2011 Hyundai Elantra will be going up against some tough competition, notably including the Toyota Corolla and Honda Civic — the latter set to get its own update next year.  Resurgent American automakers will also be pressing to regain a position in the compact segment with new offerings such as the 2011 Cruze and the 2011 Ford Focus.

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