Toyota released today the first pictures of the production version of the FT-86 Concept. It has a new name, but it’s not Celica. It’s called the GT86.

It still isn’t a fancy name, but it pays homage to Toyota’s old sportscars, namely Corolla GT (or Levin) AE86 from 1980s.

The car is the result of a joint special operation between Subaru and Toyota. Besides the GT 86, it will also come as Subaru BRZ which is remarkably different, and the Scion FR-S which is different, but not remarkably.

This lightweight, diver-focused rear-wheel-drive machine is said to be a proper sportscar, and most of the evidences suggest it is one. We say most, because the engine – which is a 2.0 liter flat-four with D-4S injection system – only churns out 197bhp at 7,000rpm and maximum torque of 205Nm at 6,600rpm.

That is not that sporty to be honest, but it won’t be a slouch either. On the upside, the flat engine gives the car a low center of gravity which improves the handling. The car has a near-perfect 53:47 front-to-rear weight distribution. It also has a rear-drive chassis, limited-slip diff and a manual gearbox, so it’ll be hugely fun to drive. If only it had a bit more power…

The looks of the Toyota GT 86 is pretty much the same as the concept car, plus you’d seen it many times in the leaked pictures we brought to you. It’s a good-looking coupe. We’re particularly fond of the interior which looks kinda retro and modern at the same time. It’s got all the sporty features such as carbon-effect trim, all-black roof lining, red stitching on the upholstery, aviation-style rocker switches and lightweight, aluminium pedals.

Toyota GT86 is set to make its world debut in Tokyo. It’ll go on sale in early 2012.