What is it? Based on the compact Fit, Honda will sell an electric version with 123-mile range with combined city/highway of 76 miles.

The Fit EV will be powered by a 20 kWh lithium-ion battery and a 92 kilowatt coaxial electric motor. The Fit will use the 3-mode electric drive system like the one on the CR-Z for drivers to choose Normal, Eco, and Sport modes to maximize fuel efficiency or performance.

With a 240-volt charger, the Fit can charge in under 3 hours.

Drivers will be able to remotely manage the EV's charge and notifications through the standard navigation system and smart phone connectivity.

The new EV will be sold for $36,625 or a $399 a month lease.

When will it be available? Starting summer of 2012 in California and Oregon.