It's official: Nissan's new subcompact hatchback and sedan will be called the Versa. The Scion-fighting duo were confirmed today at a press conference in the Detroit area. Production of the pair will begin in 2006, and Nissan will build up its Mexican plant for an additional 150,000 units of capacity, for a net gain of 2000 jobs at the plant in Aguascalientes, Mexico . The '07 Versa will be priced from around $12,000 and in sedan form, will be a version of the Tiida compact recently announced. The hatch version is expected to look much like the Sport Compact concept shown at this year's New York show. The Versa's engine will be a 120-hp, 1.8-liter four, mated to a CVT for an estimated fuel economy of 38 mpg. Options will include Bluetooth compatibility, satellite radio and a Rockford Fosgate subwoofer.