Honda’s newest hybrid car due early next year will carry the Insight nameplate. The new gas-electric vehicle will be named after the original Insight. “The name Insight was chosen to denote Honda’s ’insight’ into a new era in which hybrid vehicles come within reach of most car buyers,” the company said. The new Honda Insight has a lofty goal of catching up to rival Toyota Prius’ success in the hybrid arena. Introduced back in 1999, the original Honda Insight was the first mass-produced hybrid automobile sold in the U.S. However, it was discontinued in 2006 due to sluggish global sales. In contrast, the Toyota Prius has sold more then a million units over the past ten years.

A concept model of the new Honda Insight will be unveiled at next month’s Paris Motor Show. It will be a 5-door hatchback compact with styling inspired by the FCX clarity, Honda’s groundbreaking fuel cell vehicle. Honda plans to make hybrid technology more accessible and affordable for a new generation of buyers by pricing the Insight significantly below hybrids available today.

Most of the world’s automakers are releasing more fuel efficient vehicles. General Motors Corp. will have the plug-in electric car Chevrolet Volt by 2010 while Chrysler and Ford will also bring hybrids and fuel efficient vehicles into the market starting next year.

Via MSNBC