OXFORD: BMW unveiled a more fuel efficient, third-generation version of its iconic Mini on Monday, as the world's biggest luxury carmaker looks to retain its leadership in the lucrative high-end compact car market.

The launch of the three-door hatchback took place at the Mini's production plant in Cowley, Oxford, on the 107th anniversary of the birth of the Mini's founding father Alex Issigonis. Prices will start at about 13,500 pounds ($21,700).