It's been rumored for over two years now that Toyota's Gazoo Racing division is working on a racecar that will compete in a new hypercar class of FIA racing. For those who don't know, Gazoo Racing is a motorsports brand within the Toyota group that develops racecars and production models like the 2021 Toyota GR Supra, Europe-only GR Yaris, and upcoming GR Corolla. This new hypercar will be unlike any previous GR project, however, as it won't be based on an existing Toyota model.

Instead, the car will be built for racing with around 20 road-legal variants to fulfill the homologation requirements. It's still unclear what the car will be called in racing or production guise, but Gazoo Racing has just confirmed that the new hypercar will be revealed on Friday, January 15, 2021.

The teaser appeared on Twitter, along with some performance specs of the vehicle. Gazoo Racing quotes 500 kilowatts or 680 PS, which translates to around 670 mechanical horsepower. These output figures lag behind the original concept, which produced 986 hp, and rumors that speculated it would be as much as 1,400 hp.

The powertrain is confirmed to be a four-wheel-drive hybrid setup, sending its grunt to Michelin tires. With only 1,030 kilograms (2,270 pounds) of weight, the Toyota Hypercar should still be blisteringly quick.

Keep in mind that this teaser is for the racing version, which may be limited on power due to the Le Mans Hypercar (LMH) regulations. It is not unheard of for modern road cars to be more powerful than their racing counterparts, so the street-legal version could still produce well over 1,000 hp.

The car is tipped to be called "GR 010" and pack a twin-turbo 2.4-liter Competition V6 with three electric motors. Despite wearing a Toyota badge, the GR 010 will be pricey, with at least a $1 million price tag.