Peugeot has unveiled its all-new 208 R5 at the 2012 Paris Motor Show on Thursday morning.
The car will replace the French manufacturer's super-successful 207 S2000 used by Britain's Kris Meeke to win his 2009 Intercontinental Rally Challenge title. The new 208 R5 is expected to be running competitively in the second half of 2014.
The new R5 category launches next year, with the FIA placing a price ceiling of €180,000 (£145,000) for all R5 cars. Ford has also confirmed it is building a Fiesta R5.
The car will most likely compete in domestic and regional championships around the world.
The 208's development has been overseen by Bertrand Vallat, who was also project leader on the 207 S2000, which eventually won six IRC titles.
The car will feature a five-speed sequential gearbox mated to a turbocharged 1600cc motor developing 280bhp.
Vallat said: "Based on an optimization of costs, the regulations impose, among other things, a maximum price for certain parts and technical limitations such as a minimum weight of components of the chassis and engine.
"In addition, a certain number of components of the vehicle must be similar. The hub carrier is a perfect example: all four must be identical. This makes operation considerably easier and limits costs and stocking."
He added that the performance of the 208 R5 is expected to outstrip that of its predecessor.