The Toyota FT-1 is a concept car unveiled at the January 2014 North American International Auto Show. 'FT' stands for Future Toyota. While '1' means number one or the ultimate one.
Little is known about this new concept car; other than that it has a front engine and rear wheel drive layout.
Toyota did also state their new concept car draws inspiration from Toyota's past sports cars like the 2000GT, Supra, MR-2, and 2007 FT-HS concept car. (source Wikipedia)
It is said that the FT-1 is replacing the Toyota supra.
Me personally I think that the supra is better in a different way.
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