Back in January at the L.A. Auto Show Mark Fields promised the audience at his keynote speech that Ford would soon be unveiling a new product to compete in the fast-growing subcompact (or B-segment) market in the U.S. Well, here we are in August and Ford is still without the promised small car to compete with the Chevy Aveo, Toyota Yaris and Honda Fit. What happened?

Well, it turns out that Ford was rushing to market a version of the Fiesta-based EcoSport small SUV (pictured) that its subsidiaries sell in Mexico and Brazil. According to The Detroit News, the already fairly basic EcoSport would have been stripped down even further as Ford tried to come up with a price leader for the market. Fields (wisely, in our opinion) canned the project, saying this week that he'd rather wait for Ford to "come in with a product that's distinctly Ford" and not "just another econo-box."

[Source: Detroit News]