Toyota Europe vice-president and product planning chief Karl Schlicht has disclosed preliminary details about the company's upcoming sportscar.

Toyota Europe vice-president and product planning chief Karl Schlicht has disclosed preliminary details about the company's upcoming sportscar.

It was January 2013 when Toyota and BMW officially joined forces to co-develop a sportscar and since then many unconfirmed rumors emerged about both versions. Now, we finally have something official from Toyota as their vice-president and product planning for Europe told Autocar in Geneva the model in question will be positioned above the GT 86.

One could speculate that Toyota will bring back the iconic Supra moniker since it wouldn't make much sense to use Celica taking into account the previous model had roughly the same size as the GT 86 which Schlicht said will carry on "with its own mission."

Toyota has already provided a sneak preview of the new sportscar through the breathtaking FT-1 concept and apparently the production version will benefit from BMW's knowhow in carbon fiber. We don't know for sure what will power the new "Supra", but reports have suggested an AWD plug-in hybrid setup with a BMW-sourced 4-cylinder 2.0-liter engine and electric motors getting their energy from supercapacitors.

If all goes according to plan, Toyota's version will be out in 2017 and will apparently cost more than a Corvette which in the United States kicks off at $55,000 for the 2015MY Coupe.

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