Toyota originally explained the name MR2 as meaning "Mid engined, Runabout, 2 seater" however, they now claim (and most owners prefer) the explanation of "Mid engine, Rear drive, 2 seater." The car is also informally known as the "Mister Two." The MR2 is actually known by a different name in France. Rather than the MR2, it is known as the "Coupe MR," because "MR2" in French sounds a lot like "merdeux," which means "shitty!"

The first-generation MR2 was introduced during a period of close co-operation between Lotus and Toyota. The Lotus Eclat was reworked with some Toyota parts to make the Excel during this period. Toyota was also involved in design and specification of the M90/X100 prototype. There are two rumours about Lotus' involvement with the MR2. The "official" rumour is that the MR2 was designed "in-house" at Toyota by Lotus suspension engineer Roger Becker. The other rumour is that the MR2 was an abandoned Lotus design (possibly the M90/X100). According to Doc Bundy, Lotusport Esprit driver, the MR2 is the X100. The MkI car has a 91 inch wheelbase, and in final form, offered two powerplants, one capable of 112bhp, another capable of 145bhp. The MkI is an angular car but has a unique look.

The second generation MR2 is somewhat larger (94.5 in wheelbase), with a more graceful body shape. The MkII is also heavier, but does offer larger powerplants than the MkI car (135 bhp and 225 bhp). 1994+ MR2 Turbo cars produce 245 bhp.
MkII MR2's were basically hand built, Toyota apparently subcontracted them to Yamaha, at a build rate of about 2000 per month.

Both the MK1 and MK2 are non-interference engines. This means that if the timing belt breaks, NO DAMAGE will directly occur to the engine. Although you will be unable to drive the car.

It's back to basics with the new MK3 MR2 or MR-S. A lightweight car with a 1794cc engine producing just 138bhp.
However all is not lost - with the car weighing in at just under a ton you can expect 0-60 in 7.6 seconds.
The new MR2 takes inspiration from the success of the Lotus Elise, a stripped out machine with the focus on handling
rather than straight-line speed. First impressions seem to be "ignore the looks and drive it!"

MkI, Naturally Aspirated (4AGE)

1.6 Litre, 16 Valve, DOHC, producing 112 bhp.

1.6 Litre, 16 valve, DOHC, Supercharged. Features an electromagnetic clutch on blower assembly. Produces 145 bhp.

MkII, Naturally Aspirated (5SFE)

2.2 Litre, 16 valve, DOHC. This engine produces 130 bhp in 1990-1992 cars. In later models (1993+) 135 bhp.

MkII, Turbocharged (3SGTE)

2.0 Litre, 16 valve, DOHC, Turbocharged. Stock turbocharger produces up to 11.8 psi of boost as standard but is capable of much more. This engine produces 220bhp at 6000rpm and 200lb-ft of torque at 3000rpm in stock form. There are people who have produced 600+bhp from the engine with modifications. This engine is identical to the version found in the Celica All-Trac Turbo (GT4). It has a modified head (larger valves), higher boost. Japanese 1994+ cars produce 245bhp using 13psi boost.

MkII, Normally Aspirated (3SGE)

Same as 3SGTE (is actually core around which 3SGTE is built), without turbocharger. UK Version capable of 153bhp (1990-1993), and 175bhp (1994). Used in late 80's Celica GT-S for U.S. market.