The highly-awaited fourth-generation 2016 Mazda MX-5 Miata is finally here. Details and photos just broke on the interwebs and so far the reactions towards the little Miata are positive. Often regarded as the bestselling two-seat convertible in history, the original Miata, a 1990 model, spawned copies from Honda, Toyota, BMW and others. BMW’s Z3 Roadster was a premium product but often compared to the more affordable Miata.

“The MX-5 Miata stands as the flag-bearer for everything that a Mazda vehicle is,” Jim O’Sullivan, president and chief executive of Mazda North America, said ahead of the simultaneous debuts in Monterey, Calif., Tokyo and Barcelona, Spain, on Wednesday night. “Tonight’s reveal is a big deal for us.”

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Mazda MX-5 Miata goes on sale next year as a 2016 model and is expected to make its North American debut at the 2014 Los Angeles Auto Show in November.

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Mazda didn’t disclose details on engines, horsepower or other specifications, but everyone expects a four-cylinder engine that drives the rear wheels. A six-speed manual and an automatic transmissions will be offered. One little detail that was unveiled is the weight, roughly 220 pounds off the outgoing model which puts the new Miata at 2,300 lbs. It also lost 3 inches in overall length and half an inch in width.

The exterior design is more angular with narrow headlights and round taillights.

READ: BMW 135i vs Mazda Miata

Previous generations Miatas were often compared to the Z3 Roadster and later to the larger Z4. With BMW placing more emphasis on front-wheel drive and lighter vehicles, the rumormill churns out that a future Miata competitor might come to market. Could it be the rumored Z5 or the Toyota-BMW sportscar? We will find out by 2017.