Depending on the region, the Fit is equipped with either a 1.2, 1.3, or 1.4 liter i-DSI engine, or a 1.5 liter VTEC engine. All four engines are based on Honda’s L-series engine family. The 8-valve i-DSI (intelligent dual and sequential) engines use two spark plugs per cylinder, allowing gasoline to burn more completely; therefore, fuel consumption and emissions are reduced while maximum torque at mid-range rpm is maintained. The 1.5 L VTEC engine has the typical 16-valve configuration.

US-spec interior

The engines are mated to a 5-speed manual, 5-speed automatic, or Continuously Variable Transmission (CVT), not offered in United States. again depending on the region. Two forms of the CVT are offered: the regular, and the CVT-7. The CVT-7 has the traditional choice of gearless shifting, and a smooth, continuous flow of power with the added option of seven computer-controlled "gears" controlled by paddle shifters on the steering column.

It was once rumored that a hybrid electric variant of the Fit/Jazz was being developed,^[1] however, since that time the CEO of Honda, Takeo Fukui, confirmed this was not true and that there were no plans to develop a hybrid powertrain.^[2]