Nissan Motor Co. on Tuesday released the new version of its March compact car, the first vehicle to feature a platform jointly developed with its French partner, Renault S.A.

The fully remodeled March's design and features will be highly competitive in the growing compact car market, Nissan President Carlos Ghosn said.

Nissan said the Land, Infrastructure and Transport Ministry places the new March, whose engine displacement comes in 1,000cc, 1,200cc and 1,400cc, in the lowest emissions category. Owners of cars in this category enjoy more generous tax breaks, according to the ministry.