Amid repeated promises from new president Akio Toyoda that it will start making exciting cars to pull itself out of its slump, Toyota officially unveiled the FT-86 concept edition of its 2012 “affordable” compact rear-drive sport coupe at the 2009 Tokyo show.

As we've previously reported, the FT-86 is a joint effort with Subaru, which engineered the car to Toyota’s performance targets, and will be building both the Toyota and its own version. Subaru didn’t unveil its version at the Tokyo show, instead leaving all the glory to the Toyota. Subaru’s version is expected to debut sometime next year.

It’s a proper sports-car platform, though the suspension fundamentals are familiar from the Legacy. The engine is a Subaru boxer 2.0-liter four with a Toyota head unit, normally aspirated to keep the price low but with direct gas injection. Expect 160-180 horsepower, which should be able to provide decent performance because the car is light thanks to its compactness -- just 164 inches long, which is sub-Audi TT, but with a comparatively stretchy 101-inch wheelbase. It’s also possible it will use aluminum in its construction.

A six-speed manual transmission is mounted directly behind the engine, but the motor itself is low and well aft -- further back than in existing Subarus -- so weight distribution will be helpful to the dynamics. When asked about the actual balance, chief engineer Tetsuya Tada replied: “Many people think it should be 50:50, but we did lots of tests and that isn’t the best for drifting. That’s why the gearbox is at the front not the rear. Drifting and sliding the tail is the most important thing, and this car will be the best in the world for that.”

He added, “We have built lots of prototypes and taken them to the Nurburgring, but this isn’t just a car for the track. The steering will react instantly, and you’ll feel it not just on the track but on every junction on the way to the supermarket.”