On the heels of Subaru showing off an almost production-ready BRZ at the LA Auto Show, Toyota shows off the GT 86 ahead of the Tokyo Motor Show. An early concept of the sports coupe was shown as the Scion FR-S at the New York International Auto Show, and that’s how the car will be known in the U.S market

Jointly developed with Subaru, the rear-drive coupe will be Toyota’s first sports car since the MR2 Spyder and Celica were retired last decade. Toyota states that the coupe will be called “GT 86” overseas as homage to its inspiration, a mid-80s version of the Corolla that had rear-wheel drive and a high-revving 16-valve engine.

The 2+2 coupe features a Subaru-supplied, normally aspirated, aluminum 2.0-liter flat-four, mounted low and behind the front axle contributing to the car’s center of gravity. Using Toyota fuel-injection system, the engine produces 197 horsepower. It is teamed with a choice of six-speed manual or six-speed automatic transmission with paddle shifters. The high-revving power is routed through a limited-slip differential, and the stability control system has driver-selectable modes to enable enthusiastic driving with reduced intervention.

The photos also reveal the production-intent cabin, with a three-gauge instrument cluster behind a buckskin-wrapped steering wheel. The sporty flavor is further conveyed with carbon-fiber-look trim, black headliner, red upholstery stitching, aluminum pedals, and toggle-switch controls.

Further details for the American-market Scion will likely be announced at an upcoming auto show. Both the Scion and Subaru versions are slated to go on sale here by summer 2012. (See our video on the Scion FR-S concept.)

See more photos in our New Car Preview.