The Mazda2 Hybrid is priced from £23,300 and will arrive in UK dealerships in May.
It's a re-badged version of the Toyota Yaris and will be sold alongside the existing petrol-powered Mazda2.
The new car is the latest outcome of a long-standing collaboration between the two Japanese car makers and will be Mazda's first full hybrid vehicle.
It shares the same exterior and interior styling as the Yaris, while also using Toyota's infotainment system.
The Mazda2 hybrid uses Toyota’s 1.5-litre petrol engine and electric motor to deliver 116PS. It has CO2 emissions of 87-93g/km and can achieve up to 74.3mpg.
At start-up the Mazda2 Hybrid automatically runs in EV mode and, during normal driving, power allocation is adjusted between the petrol engine and electric motor for best performance and efficiency. During deceleration and under braking, energy is recovered to recharge the battery.
The Mazda2 Hybrid will be available in a choice of three grades when it arrives in the UK: Pure, Agile and Select.
Pure grade includes climate control with air conditioning a seven-inch touchscreen infotainment system and radar cruise control.
The £21,150 Agile grade adds alloy wheels, reversing camera, an eight-inch touchscreen and keyless entry.
Buyers can specify the £980 Comfort Pack with the Agile trim, which brings LED headlights, sports style front seats with black fabric with synthetic leather trim and dual-zone climate control.
At the top of the range, the Mazda2 Hybrid Select (£23,610) features privacy glass, 16-inch alloys, power-fold mirrors, Wireless smartphone charging and Blind Spot Monitoring with Parking Support Function.
Like the Yaris, the Mazda2 Hybrid has a five-star Euro-NCAP rating and a 286-litre boot.
Toyota also has a collaborative agreement with Suzuki, which saw the introduction of the Corolla-based Swace and RAV4-based Across last year.
Next year, Toyota will also launch the bZ4x, a new electric SUV that is built in partnership with Subaru.