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 |  Dec 16 2011, 8:30 PM

Volvo is angling in on BMW and Audi territory with a new five-door hatchback meant to target the same market as the 1 Series and A3 Sportback.

Stephan Jacoby, Volvo’s CEO, showed the first teaser photos of the car originally rumored to be called the V30. That speculation was corrected today, in fact the car will run as the V40, the same as their mid-90′s station wagon.

Details about a U.S. release  and pricing haven’t been discussed yet, but when the car comes to market it will feature a stretched version of the C30 platform, measuring about 175 inches. Initially, the V40 will only come as a hatchback though Jacoby said a 4-door version is still possible.

“It’s basically a new segment for us”, said Volvo spokesman Per-Åke Fröberg in an interview with Sweden’s Dagens Industri.

According to De Telegraaf, a Dutch newspaper, the car will come with different engine options. First, a 1.6-liter four cylinder with the option for 120, 150 or 180 horsepower. Second, a diesel version featuring either a 1.6-liter or 2.0-liter under the hood.

So far it isn’t clear how much the car will cost, but one thing is certain: the V40′s entry marks two other models being discontinued in 2012: the S40 and the V50.