The all-new Smart ForTwo will share up to 70 percent of its components with the recently unveiled third generation Renault Twingo.

Smart's upcoming rear-wheel drive ForTwo will retain the 2692mm (106 inches) overall length of the outgoing model so it will be considerably smaller than the Twingo which is 3581mm (141 inches) long. Although the two cars will share up to 70 percent of parts, the ForTwo will look entirely different than its French cousin.

A ForFour revival is also planned with an overall length of 3505mm (138 inches) and will be unveiled together with the shorter ForTwo online before October when the duo will debut at the Paris Motor Show. An electric version of the ForTwo is also in the pipeline but it won't be available from day one.

Smart will use the same two gasoline engines found inside the 2014 Renault Twingo, a 3-cylinder 0.9-liter TCe turbocharged unit with 90 HP (66 kW) and 135 Nm (100 lb-ft) along with a naturally-aspirated 1.0-liter SCe rated at 70 HP (51 kW) and 91 Nm (67 lb-ft). Most likely the five-speed manual transmission will be carried over as well.

The Smart ForTwo and ForFour are slated to go on sale in Europe before the end of the year, while United States will only get the ForTwo starting August 2015. They won't sell the ForFour in United States because Smart estimates sales would be slow and would not cover homologation costs.

Next-gen Smart ForTwo to use 70 percent of Renault Twingo's parts