The two-door sports car was unveiled online together with Subaru's new BRZ which were jointly developed together.
Although the two vehicles share the same underpinnings, Toyota and Subaru had focused on injecting their respective models with a distinct driving feel.
The new GR 86, scheduled to launch in Japan in autumn, is the third global model in Toyota Gazoo Racing's GR series of sports cars after the GR Supra and GR Yaris.
The new GR 86 is specially-tuned for sporty performance, and provides direct and satisfying driving performance of the "highest order."
The previous iteration 86 was launched in 2012 and featured a front-engine layout with rear-wheel-drive and intuitive handling and instinctive responsiveness.
Since then, the model had been used as a base car for a variety of motorsports, including rallies, one-make races, gymkhana, and dirt trials, while others have been uniquely customised.
More than 200,000 units of the 86s have been sold worldwide, playing the role of reliable partners for their owners.
The new GR 86 gets fender tops that extend horizontally to the beltline while low, horizontal underbody and narrow cabin rear combine to create a broad, low-center-of-gravity appearance.
The front of the vehicle features the GR-specific Functional Matrix grille which fuses performance and emotion.
It also gets aerodynamic components seen on the 86 model that were involved in motorsports such as air outlets, side sill spoilers, and other parts that improve steering responsiveness and stability.
The dimensions of the new GR 86 are almost identical to the previous model.
Maintaining both the overall height and hip-point of the vehicle helps lower the center of gravity and enhance turning performance, and so delivering the agility required of an 86.
The use of aluminum for the roof panels results in a lower center of gravity, while aluminum fenders and updated front seats and mufflers contribute to reduced weight.
Body rigidity has also been improved, with the goal of offering pleasurable handling in all speed ranges―from urban driving to the upper limits of performance.
Torsional rigidity has been enhanced by approximately 50% over the previous model for greater steering stability.
Inside, the dashboard layout remains quite similar to the previous model but gets some stylistic updates to the switches and dials.
It also has full electronic 7-inch TFT instrument panel now with an opening animation sequence inspired by the piston movements of the GR 86's horizontally opposed engine.
The lightweight, compact Boxer engine with a low center of gravity in-line with previous iteration, has its displacement increased from 2.0-litre to 2.4-litre.
Power is now higher at 235PS with 250Nm of torque, allowing the GR 86 to achieve a 0-100kph acceleration in just 6.3 seconds, down from the 7.4 seconds of the outgoing model.
Engine responsiveness has also been enhanced, providing smooth, stress-free sensations from low to high revs.
Transmission is either a six-speed manual or six-speed automatic.
The automatic transmission version of the GR 86 uses Subaru's EyeSight Driver Assist Technology which among others includes automatic anti-collision braking and emergency rescue support.