Toyota (NYSE:TM) was already garnering attention on March 31. Fans were eager for the company to reveal its new GR Corolla model at 9 p.m. Eastern standard time. However, the GR Corolla was leaked ahead of the slated release. So why is everyone buzzing and what does it mean for TM stock?

Toyota is known for reliability, dependability and a bunch of other adjectives that don’t necessarily elicit excitement. Does Toyota produce excellent cars? Yes. Exciting cars? Arguably not. 

And that’s part of why the leak of the GR Corolla caught the internet’s interest. Because this isn’t the same old Toyota Corolla that built that long tradition of reliable, dependable, but arguably unexciting vehicles.

Changing Perceptions of TM Stock

Toyota is trying to change that with the GR Corolla. The “GR” in GR Corolla stands for Gazoo Racing, which is Toyota’s motorsports arm. It features a 1.6-liter turbocharged three-cylinder engine that produces 300 horsepower and 273 foot pounds of torque. That power is mated to a 6-speed manual transmission. It’s clear the company wants to change its perception to a degree. 

More importantly for investors, what does this mean for TM stock?

The GR Corolla’s success hinges upon how well it sells. That said, there is good reason to be optimistic. In addition to all the buzz, the company has beat EPS expectations in each of the last four quarters and its shares can be had at what might be a discount. Average consensus prices sit at $212.98 but shares currently trade at $179.60. 

On the date of publication, Alex Sirois did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.