It all comes down to which convertible will be more profitable.
It doesn't appear that Toyota is able to make an effective business case for a GT86 (Scion FR-S) convertible. No matter, that's what the Mazda MX-5 is for. Still, Toyota, really, how about a factory turbocharged GT86? We're still waiting on that. We're also waiting the return of the Supra. Toyota has strongly hinted this is a very real possibility with its FT-1 Concept, first unveiled at Detroit earlier this year.
Toyota got the message loud and clear: the public and media alike want the FT-1 to see production. Better yet, make it the new Supra. And as it turns out, Toyota sees a better business case for a more expensive sports car to be offered as both a coupe and convertible. In a recent discussion with Australia's Drive, Toyota engineer Tetsuya Tada clarified that yes, the FT-1 is a design study, one of many to get the new Supra's styling just right. He said Toyota wants to have at least three sports cars in its lineup, and at least one will be a convertible too. Since the Supra would cost more than the GT86, a convertible variant could be more profitable.