A few weeks back, Automotive News reported on a new project to build a small, low-priced sports car undertaken by Subaru and its benefactor Toyota. Here's the latest: Japan's Best Car, as translated by 7tune, reports the new Toyota Lightweight Sports Car will be based on a shortened Impreza 15S platform, with a "rear wheel drive friendly" double-wishbone rear suspension. An early test mule has been running a 2.0-liter SOHC engine and a all-wheel-drive. But for production, the talk points to a 1.5-engine, dubbed "EL15," a DOHC flat-four that produces fewer emissions the larger, SOHC powerplant. Use of the 1.5 makes weight reduction of particular importance, thus the project's titular emphasis on bulk. Best Car says the optimistic money is on the Toyota Lightweight Sports Car hitting the market by late 2009 or early 2010. (Note: Spec image shown) [7tune]