Toyota has launched an all-new mid-engined sports car, its first vehicle ever designed from the outset as an open-top car.

In the years since its first release, the Toyota MR2 coupe had already become something of a `cult’ car, with a dedicated corps of enthusiast owners, and their ranks are likely to be swelled further by the MR2 Spyder.

As well as being the first purpose-designed convertible from the giant manufacturer, the new MR2 is also the first Toyota with sequential-shift manual transmission.

But probably the biggest news for potential owners is that, at $44,990, the MR2 Spyder convertible is 6.1 percent less expensive than the hardtop model it replaces, and a huge 21.6 percent beneath the previous premium model.

The new car’s use of an infinitely variable valve timing engine and sequential manual transmission place it at the leading edge of the under-$50,000 sports car category, where Toyota expects it to make significant inroads on the ruling Mazda MX5 and the MGF.

It has improved handling, performance, safety and economy compared with the superseded MR2 coupe and, despite a larger footprint on the road, its weight is 231 kilograms lighter than the previous model.

MR2 Spyder has inherited the top-selling Celica’s bottom-spec engine, an all-alloy 1.8 litre VVTi-equipped DOHC multi-valve powerplant tuned to deliver 103kW of power at 6400rpm and 170Nm of torque at 4400rpm.

Most significantly, that gives it a class-leading power-to-weight ratio of 106kW/tonne.

The original concept was penned by the former chief engineer of Toyota's sports car projects, Tadashi Nakagawa, who envisaged a car that was lightweight, minimalist and with a power-to-weight ratio above 100kW/tonne.

The new engine is matched to a five-speed manual transmission with sequential shift that allows gears to be shifted using either a short-throw gear lever or E-shift buttons on the steering wheel. The clutch operation is automated, for greater ease of use.

Mr Nakagawa, who has since been appointed to the European Design Centre in Brussels, obviously didn’t interpret `minimalist’ as meaning a bare-bones roadster with minimal comfort or convenience.

The interior styling cues are retro/sports, with a three-dial instrument cluster and classically designed steering wheel, and its features include a 3-in-1 audio system with 6-CD in-dash multi-changer.

It has an easy to use manual convertible top, with a glass rear window to optimise rear vision and resist UV degradation, and the driver can open or close the convertible top in less than 60 seconds.

The electric side windows fit perfectly, and with the hood down and the windows up, Toyota says it’s possible to conduct a normal conversation inside the cockpit even at touring speeds.

Also available as an optional accessory is a removable hardtop which can be quickly and easily fitted using multiple attachment points, and incorporating a built-in connection for the rear window demister.

And attractive as the MR2 Spyder undeniably is in its basic trim, a popular option is certain to be the `Sportivo’ bodykit consisting of a front spoiler, side and rear skirts and a rear wing. Indeed, the Sportivo kit has been fitted to the first 50 MR2 Spyders available for sale at launch.

Toyota Australia senior vice president, John Conomos, believes the MR2 Spyder has the potential to capture a third of the soft top sports car market with its return to the `golden era’ of sports cars..

"Principally, MR2 has been built to be fun," said Mr Conomos.