The Toyota MR2 was an interesting sports car for Toyota during its time in production. While the MR2 that went out of production in the early 2000s seemingly lost the plot, the model really got its claim to fame in the 1980s with he two-seater first being powered by a supercharger and later a turbocharger as it evolved to keep up with the tastes of young buyers at the time.

While the GR86 is a nice indirect homage to that model, it’s no drop top and Toyota knows that demand is still strong for a potential MR2 revival. In the latest sign that something is indeed in the works, Gazoo Racing boss Tomoya Takahashi confirmed that a mid-engine sports car is currently under development.

It’s finally happening

Takahashi’s remarks came during an interview with Automotive News where he revealed that work has already begun on the new model with the entry even entering the very early stages of development.

This news appears to confirm years of rumors and while it remains to be seen if the MR2 name will even be used (some reports suggest the Celica will be revived instead) the sports car would help give recently spun-off Gazoo Racing a smaller model that will allow it to get mainstream buyers including some that might transition to the V8-powered GT.

A modified GR Yaris Toyota made recently appears to provide a glimpse into how far the company has come with the custom vehicle using a new 2.0-liter turbocharged four-cylinder. A recent report suggested the company is facing some setbacks in development but it appears the hurdles are actually related to driving behavior versus any technical barriers.

Wait and see…

A prominent catch here is that while Gazoo and Toyota are working on the upcoming model, interested buyers will have to wait a long time before they get their chance to go behind the wheel. Both parties are not taking any chances with the model and have embarked on a four-stage process of development. Since it’s easy to assume that things are in the early stages (possibly stage 1) the sports car will not see the light of day for another five years.

This roughly translates to a 2030 debut but it appears Toyota already teased the design in th FT-Se concept from 2023. That show car didn;t come with a convertible top but it did show a sleek and purposeful design with large side intakes and proportions that suggest it will fully embrace the mid-engine layout.

With EV demand slipping, look for Toyota to focus on ICE powertrains for this model with hybrid infused engines not only giving it more power but also give it better fuel economy.