Unfortunately,Toyota has now officially cancelled development of this car.

Apparently, there was already an internal struggle at Toyota, as the car is aimed at a niche market, and the development costs were too high. The vice-president of Toyota was very much involved with this project and kept it going. However, this vice-president retired this summer and was replaced by another, and now development has finally ended.

Was it supposed to be something like Daihatsu Copen?

JFK wrote
No, it's not a kei car, but a subcompact sports car. More like the Mazda MX-5.