• Series 4 (1986–1988) was available with a naturally aspirated, fuel-injected 13B-VDEI producing 146 hp. An optional Turbocharger model, known as the Turbo II in the American market, had 189 hp.
  • Series 5 (1989–1992) featured updated styling and better engine management, as well as lighter rotors and a higher Compression_ratio, 9.7:1 for the naturally aspirated model, and 9.0:1 for the turbo model. The naturally aspirated Series 5 FC made 160 hp, while the Series 5 Turbo made 200 hp.
  • The second generation RX-7 ("FC", VIN begins JM1FC3 or JMZFC1), still known as the "Savanna RX-7" in Japan, featured a complete restyling reminiscent of the Porsche 928. Mazda's stylists, lead by Chief Project Engineer Akio Uchiyama, actually focused more on the Porsche 944 for their inspiration in designing the FC because the new car was being styled primarily for the American market, where the majority of first generation RX-7's had been sold. This strategy was chosen after Uchiyama and others on the design team spent time in the United States studying owners of earlier RX-7's and other sports cars popular in the American market. The Porsche 944 was selling particularly well at the time and provided clues as to what sports-car enthusiasts might find compelling in future RX-7 styling and equipment. While the SA22/FB was a purer sports car, the FC tended toward the softer sport-tourer trends of its day. Handling was much improved, with less of the oversteer tendencies of the FB. Steering was more precise, with rack and pinion steering replacing the old recirculating ball steering of the FB. also became standard, with some models (S4: GXL, GTU, Turbo II, Convertible; S5: GXL, GTUs, Turbo, Convertible) offering four-piston front brakes. The rear seats were optional in some models of the FC RX-7, but are not commonly found in the American Market. Mazda also introduced Dynamic Tracking Suspension System (DTSS)in the 2nd generation RX-7. The revised independent rear suspension incorporated special toe control hubs which were capable of introducing a limited degree of passive rear steering under cornering loads. Mazda also introduced Auto Adjusting Suspension (AAS) in the 2nd generation RX-7. The system changed damping characteristics according to the road and driving conditions. The system compensated for camber changes and provided anti-dive and anti-squat effects.

    Though about 80 lb (36 kg) heavier and more isolated than its predecessor, the FC continued to win accolades from the press. The FC RX-7 was 's Import Car of the Year for 1986, and the Turbo II was on Car and Driver magazine's Ten Best list for a second time in 1987.

    In the Japanese market, only the turbo engine was available; the naturally-aspirated version was allowed only as an export. This can be attributed to insurance companies penalizing turbo cars (thus restricting potential sales). This emphasis on containing horsepower and placating insurance companies to make RX-7's more affordable seems ironic in retrospect. Shortly after the discontinuance of the second generation RX-7's in 1991, an outright horsepower "arms race" broke out between sports car manufacturers, with higher and higher levels of power required to meet buyer demands.

    Mazda sold 86,000 RX7's in the US alone in 1986, its first model year, with sales peaking in 1988.

    Australian Motors Mazda released a limited run of 250 'Sports' model Series 4 RX-7's; each with no power steering, power windows or rear wiper as an attempt to reduce the weight of the car.

    Convertible

    Mazda introduced a convertible version of the RX7 in 1988 with a normally aspirated engine — introduced to the US market with ads featuring Hollywood actor James Garner, at the time featured in many of Mazda's television advertisements.

    The convertible featured a removable rigid section over the passengers and a folding textile rear section with heatable rear glass window. Power operated, lowering the top required unlatching two header catches, power lower the top halfway, exiting the car, folding down the rigid section manually, and then further power-lowering the top. Mazda introduced with the convertible the first integral windblocker, a rigid panel that folded up from behind the passenger seats to block unwanted drafts from reaching the passengers — thereby extending the driving season for the car in open mode. The convertible also featured optional headrest mounted audio speakers and a folding vinyl snap-fastened tonneau cover. The convertible assembly was precisely engineered and manufactured, and dropped into the ready body assembly as a complete unit — a first in convertible production.

    Several leading car magazines at the time also selected the convertible as the best rag-top available on the market. Mazda exported approximately five thousand convertibles to the United States in 1988 and fewer in each of the next three model years, although it is difficult to confirm these figures, as Mazda USA did not keep RX-7 import records by model type. Production ceasing in October 1991 after Mazda marketed a limited run of 500 example for 1992 for the domestic market only. In Japan, the United Kingdom, and other regions outside the US, a turbocharged version of the convertible was available.

     
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