Toyota has officially disclosed the price and specifications of its eagerly awaited GR Corolla, set to hit the market in March.

Starting at $62,300 before considering on-road expenses for the GR Corolla GTS, it rises to $77,800 for the Morizo Edition, again before factoring in on-road costs. Toyota Australia has verified that it will receive 700 units of the GTS during the first year of production, with a modest allocation of 25 units for the Morizo Edition. The pared-down Morizo is expected to join its GTS sibling in the upcoming months.

Performance-wise, the GTS can accelerate from 0-100km/h in 5.29 seconds. The top-tier Morizo Edition, benefiting from an extra 30Nm of torque, reduces this time to 5.21 seconds.

Under the hood of both the GTS and Morizo Edition sits a 1.6-litre three-cylinder turbocharged petrol engine. The GTS variant produces 221kW of power at 6500rpm and 370Nm of torque between 3000-5500rpm. The Morizo Edition offers an extra 30Nm, tallying up to a total of 400Nm torque (@3250-4600rpm).

These vehicles are provided exclusively with all-wheel drive and a six-speed manual transmission.

The GR Corolla GTS claims fuel efficiency of 8.4L/100km, while the Morizo Edition comes in slightly higher at 8.6L/100km on a combined cycle.

Dimensionally, the 2023 Toyota GR Corolla spans 4407mm in length, 1851mm in width, and stands 1479mm tall (1477mm for the Morizo Edition), with a wheelbase measuring 2640mm. Boot space in the GTS is 213 litres, with the Morizo Edition providing slightly more at 229 litres.

Regarding servicing and warranty, the 2023 Toyota Corolla GR line carries a five-year unlimited-kilometre warranty, with an additional seven-year engine and driveline warranty. The service intervals are every six months or 10,000km, with the first three services capped at $300 each.

Safety-wise, while the broader Toyota Corolla range boasts a five-star ANCAP rating, the GR Corolla is yet to be rated. Still, the GTS features an impressive list of standard safety features, including autonomous emergency braking with pedestrian and daylight cyclist detection, intersection assist, emergency steering assist, lane departure warning, lane trace assist, speed sign recognition, blind-spot monitoring, rear cross-traffic alert, reversing camera, front and rear parking sensors, and seven SRS airbags.

Deliveries for the GR Corolla GTS are due to begin in March, with the limited Morizo Edition scheduled to arrive in May. As the demand for the GR Corolla far exceeds the allocated supply, dealerships have been instructed to prioritize their most loyal customers.

Despite being a part of the Corolla range, the GR Corolla GTS and Morizo Editions are the most expensive in Toyota's line-up. The GR Corolla GTS carries a price tag $24,180 higher than a top-of-the-range ZR Hybrid version of the standard Toyota Corolla, while the Morizo Edition becomes the priciest Toyota Corolla ever sold, closely touching $80,000 drive-away.

Both versions of the GR Corolla boast unique features. The GTS model comes standard with 18-inch cast alloy wheels wrapped in Yokohama performance tyres, front and rear limited-slip differentials, red brake calipers, a low-rise rear spoiler, and a vented bonnet. The interior features a 12.3-inch digital instrument cluster, an 8.0-inch central infotainment screen, eight-speaker JBL premium stereo, head-up display, heated leather-look and suede sports seats, and wireless smartphone charging.

A diverse colour palette is offered for the GTS, including Glacier White (solid), Ebony Black (solid), Liquid Mercury Grey (metallic), and Feverish Red (mica metallic), with premium paint being available for an additional $575.

The GR Corolla Morizo edition, arriving later in the year, caters more to the hard-core racing enthusiasts. In contrast to the GTS, it opts for a two-seater layout and offers 18-inch lightweight forged alloy wheels with Michelin Pilot Sport Cup 2 track tyres (245mm wide), a carbon-fibre roof, increased torque, and a distinct set of gear ratios inside the transmission.

Trimmed to focus on performance, several amenities are either downsized or entirely removed in the Morizo Edition. It is equipped with single-zone climate control instead of dual, a two-speaker stereo in place of an eight-speaker JBL system, and omits wireless charging and parking sensors. Consequently, the Morizo Edition is 35kg lighter than the GTS.

Morizo, an alias used by the ex-president of Toyota and grandson of the company's founder during motor races, lends its name to this limited edition model. Toyota plans to bring just 25 units of the GR Corolla Morizo to Australia in 2023, with the exact allocation method yet to be confirmed. Available colours include Frosted White (pearl), Tarmac Black (mica metallic), and Matte Steel (metallic matte), with the last option costing $2,500 more.

2023 Toyota GR Corolla Pricing (estimated drive away prices)

• 2023 Toyota GR Corolla GTS: $68,059

• 2023 Toyota GR Corolla Morizo Edition: $85,334

2023 Toyota GR Corolla GTS standard features:

1.6-litre turbo three-cylinder engine (221kW/370Nm), six-speed manual transmission and selectable all-wheel drive

Five seats

18-inch alloy wheels (cast, not forged)

Yokohama Advan Apex V601 tyres

Performance brakes with red calipers

Torsen limited-slip front and rear differentials

Vented bonnet and low-rise body-coloured rear spoiler

Dusk-sensing LED headlights with auto high beam

8.0-inch infotainment touchscreen with wireless/wired Apple CarPlay, wired Android Auto, satellite navigation

12.3-inch digital instrument cluster

Manually-adjustable front sports seats with heating

Heated leather-trimmed steering wheel

Leather shift knob and handbrake lever

Aluminium pedal covers

Dual-zone automatic climate-control air conditioning

Proximity-key entry with push-button start

Head-up display

Wireless smartphone charging

Eight-speaker JBL sound system

Rear privacy glass

Auto-folding power-operated side mirrors

Illuminated door handles

One USB-C port

Front and rear parking sensors

Reversing camera

Seven airbags

Autonomous emergency braking with pedestrian/cyclist detection, intersection support

Lane-keep assist

Adaptive cruise control (high-speed, no stop and go)

Speed sign recognition

Blind-spot monitoring

2023 Toyota GR Corolla Morizo Edition adds (over GTS):

Two seats (rear seats deleted)

30Nm more torque (221kW/400Nm)

18-inch forged alloy wheels

Michelin Pilot Sport Cup 2 track tyres (245mm wide)

Carbon-fibre roof panel

Front sports bucket seats

Two-speaker unbranded sound system

Morizo unique shift knob

GR badge on front intercooler

Features deleted vs GTS:

Dual-zone climate control (now single-zone only)

Six speakers (from eight to two)

Satellite navigation

Heated steering wheel

Parking sensors

Wireless smartphone charger

Rear seats

2023 Toyota GR Corolla GTS colour choices

Glacier White (solid)

Ebony (solid)

Liquid Mercury (metallic)

Feverish Red (mica metallic)

2023 Toyota GR Corolla Morizo colour choices

Frosted White (pearl)

Tarmac Black (mica metallic)

Matte Steel (metallic matte) ($2500 extra)