Update: Toyota has confirmed the first 1000 units of the GR Yaris are now sold, a further allocation of 100 cars has been made available priced at $44,950 drive-away
The first 1000 buyers will be able to secure the new Toyota GR Yaris hot hatch for $39,950 drive-away.
After the initial 1000 examples are spoken for, the price will jump to $49,500 plus on-road costs.
Buyers can place an order from midday on Wednesday, September 23 through Toyota dealers or online with a $1000 deposit required to lock in an order.
Toyota Australia's Vice President Sales and Marketing Sean Hanley expects the sub-$40,000 on-road price to make GR Yaris the most affordable pure performance car on the market.
"This substantial local financial commitment for the first 1000 vehicles will advance our budding GR brand, accelerate the acceptance of GR Yaris on Australian roads and convert enthusiast customers into brand advocates," Mr Hanley said.
The three-door GR Yaris is powered by a 1.6-litre three-cylinder turbocharged engine producing 200kW and 360Nm. A six-speed manual transmission sends the torque to the GR-Four permanent all-wheel-drive system.
The AWD set-up uses slightly different gear ratios for the front and rear axles and allows for a theoretical range of front/rear torque balance from 100:0 (full front-wheel drive) to 0:100 (full rear-wheel drive). Toyota says the flexibility offers performance advantages over an on-demand system.
In normal mode, the base front/rear torque distribution is 60:40, sport mode moves to a 30:70 rear-biased torque split, while track mode employs a 50:50 spread.
Toyota says the GR Yaris tips the scales at just 1300kg and can sprint from 0-100km/h in 5.5 seconds.
The performance brakes are 356mm x 28mm ventilated front discs with four-pot callipers and 297mm x 18mm ventilated rear discs with two-pot callipers.
Equipment highlights include the Toyota Safety Sense package, automatic air-conditioning, keyless entry and start, Apple CarPlay and Android Auto, an 8-speaker JBL sound system, sports seats with suede and leather accents, aluminium pedals, a rear spoiler, and dual exhaust tips.
In the first half of 2021, Toyota will release a more track-focused Rallye Edition which will be limited to 250 examples. 
While pricing is yet to be confirmed, the Rallye Edition also gets circuit-tuned suspension, Torsen limited-slip differentials on the front and rear axles, 18-inch BBS forged alloy wheels with Michelin Pilot Sport 4S5 tyres, and red brake calipers.
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