Toyota's 300kW monster takes shape: Mega new turbo-petrol engine won't just save the Celica, it might just save petrol performance: Reports

Toyota has just given us our first proper look at its performance future, unveiling the new engine family that will reportedly power its Celica and MR2 revival programs.

Reports surfaced earlier this year in credible Japanese outlets that the long-promised reborn Celica will be powered by a 2.0-litre turbocharged petrol engine that would produce close to 300kW in power.

The only problem was that Toyota didn't appear to have such and engine in its stable. Until now, that is.

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Earlier this month Toyota confirmed development of a new engine family which would include a turbo and non-turbo 1.5-litre petrol, and a turbo 2.0-litre petrol, instantly adding credibility to reports over the engine that would find its way into the Celica and MR2.

And now US outlets are claiming the scoop on their outputs, with the 2.0-litre turbo to produce a massive 294kW and 550Nm in its road-going guise, and a whopping 441kW in race-ready spec.

So Toyota now has the engine, but where are the Celica and MR2?

According to Forbes, both models are scheduled for a 2026 launch, with the MR2 to be the brand's flagship performance car, badged GRMN, and possibly equipped with the 441kW version of the new turbo-petrol engine.

The Celica, on the other hand, would score the 294kW version, and would be badged Toyota, as opposed to wearing the tuning house's lettering.

Forbes even reports a guide to pricing, suggesting the MR2 will start at around 10 million yen, or $102k AUD. The Celica would be considerable more accessible, starting at 6.5 million yen, or around $66k AUD.

Those prices seem significantly lower than what each model would wear by the time they arrive in Australia. For reference, the Celica would sit above the Toyota Corolla GR, which is $69,478 drive-away in NSW.

While rumoured at this stage, talk of the Celica is quickly firming. Late last year, Akio Toyoda himself confirmed he'd put in a request revive the Celica, then later dropped even more hints at a rally event with famed Celica rally driver Juha Kankkunen.

"I'm not just saying this because we're at a rally event, but Kankkunen is Mr. Celica. He was champion four times in the Celica. Now you can all have a think about why I’m using Kankkunen so much. See if you can guess," he hinted.