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Taken from this site here:

According to a report, Toyota is currently working on a convertible version of the GT86/Scion FR-S sports coupe. This new model is going to be competition for the Mazda MX-5. Toyota product planners finally decided to turn the rumor into a reality to broaden the car’s appeal. The convertible will be built on the same platform as the joint Toyota/Subaru coupe and could include a four-door sedan and a larger two-door coupe. The architecture might be used in other models as well. All possibilities are being worked out by the product planners. Subaru’s plans to follow suit with a BR-Z convertible have not yet been revealed and it seems unlikely with the solid sports car lineup they already have – WRX and STI.

The convertible will be powered by a 2.0-L boxer-four engine similar to the FR-S and produces 200 hp. Manual and automatic transmissions both of six-speed variety will be available. The biggest competitor would be the Mazda MX5. A bigger rear-wheel drive from Toyota would probably target the Hyundai Genesis coupe, the mustang, the Chevy Camaro and even the BMW 1-series. A Toyota badged-sedan would be the rival to the Volkswagen Jetta GLI and Subaru WRX.
The debut of this new convertible is expected to be in late 2013 or early 2014.
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