Autocar has also published a sketch of one of the cars on its Web site. According to the report, the new car will be a spiritual successor to the Corolla GT from the mid-80s, but will be based on Impreza mechanicals. Priced from about $20,000, it could give Toyota a replacement for its MR2 Spyder and its Celica.
The magazine's sources claim that the new sportscar will be small, light and fast. They also say the 2+2 will be powered by a version of Subaru's 2.0-liter flat-four engine, making it the first Subaru engine to take a place in a Toyota vehicle.
Base cars would have a 175-horsepower version, but the turbocharged 2.5-liter four from Subaru could also make its way into the car. However, Subaru's hallmark all-wheel-drive system would be left off to save weight, or could be available on a single version of the new models.
Subaru will build both cars in a plant in Japan, with a production time frame in 2010.