The Mazda Iconic SP concept has attracted near-universal acclaim, and it’s not hard to see why. This compact coupé channels Mazda’s celebrated design language into a striking, low-slung sports car that feels both futuristic and familiar. Design may be subjective, but I’ll venture that the Iconic SP is objectively gorgeous. To my eyes, it hints at what the next MX-5 might look like. Mazda, however, describes it as their vision of a sports car for the future.

If you’ve read the headlines, you might think the future is already written: a rotary-powered RX-7 reborn for the modern age. The truth, as is so often the case with concept cars, can be found by reading between the lines.

Yes, a Wankel rotary engine lies within its svelte silhouette, but the powertrain of the Iconic SP shares more with the MX-30 crossover than it does with the renowned sports car of the 1990s; the rotary engine is a range extender, not the main source of propulsion.

That’s because the car is really an EV. There is a new twin-rotor Wankel engine, yes, but it’s a generator that can recharge the batteries on the move, not contribute to the car’s 365bhp output. Mazda’s justification? Weight. The Iconic SP weighs 1,450kg, while the only fully electric roadster on sale at the moment – the MG Cyberster – tips the scales at 1,885kg with one motor, or 1,985kg with the dual motor drivetrain.

Admittedly, the current MX-5 weighs around 1,100kg, but the Iconic SP would need a larger scale if it didn’t use a rotary range extender. The drivetrain is already in use with the MX-30 R-EV compact crossover. The fully electric version uses a 35.3kWh capacity battery which returns a 124mile WLTP range. The R-EV variant roughly halves the battery size and electric-only range to 17.8kWh and 59miles, but the addition of the 830cc engine and 50-litre fuel tank means that the car can travel around 400miles before needing to stop.

Obviously, the rotary-electric MX-30 doesn’t weigh less than a Caterham Seven; in fact, it’s actually 131kg heavier than the purely electric version at 1,881kg, but it’s able to cover more than three times the distance of its pure EV stablemate. Range extender EVs are a clever trick to sell electric cars to people who won’t notice – or won’t think twice about running their EV on petrol – but if the regulatory onus is still on manufacturers to decarbonise and electrify, then the powertrain makes sense in the sports car segment.

Ultimately, a car in the MX-5 class needs to be lightweight and nimble, entertaining and characterful. While in a range-extending capacity, the powertrain of the Iconic SP will be making barely any noise, it would give a production version enough range to complete the longer drives that we often see small sports cars undertaking. In other words, the future electric Mazda sports car would gain the long-range flexibility that electric cars in the segment don’t currently have, while having a minimal impact on mass and driving dynamics.

Recent statements by Mazda staff haven’t been misreported as such, but the reports haven’t been entirely accurate either. It’s wrong to see the car as a rotary-powered RX-7 replacement – if it reaches production – but it’s right to see it as a proposal for a future model with a rotary engine as part of its (electric) powertrain. Indeed, Mazda staff have been relatively coy about whether the car will make its way to production; I cannot find any concrete confirmation the car will be built in its entirety. Speaking to Inside Mazda, Masashi Nakayama – General Manager of the Design Division – said: “This concept is not just one of those empty show cars. It’s been designed with real intent to turn it into a production model in the not-so-distant future.”

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Naohito Saga, Executive Officer at Mazda’s R&D Strategy Planning Division, said: “In the development process, everything from position of the doors and tyres, to the length of the vehicle, the seating position of the occupants and visibility was meticulously researched before reaching the final specifications…It really shows how much we wanted to make it a car that manifests Mazda’s commitment for the future, especially in terms of sustainability and the future role of our rotary engine technology.” These are interesting insights, but neither of them say “We are making this car as is.”

It’s important to remember that Mazda has teased us with concepts before, with the striking RX-Vision concept of 2015 which contained a quad-rotor Wankel engine under its long bonnet. Sure, if the car had made it to the road then it would’ve been an object of desire based on its looks alone, but would it have been a huge sales hit simply by virtue of having triangular pistons as opposed to spherical ones? The RX-8 was in production for a decade, but it was a rare sight on our roads even when it was new.

I will happily be proved wrong if and when a car with the fabulous shape of the Iconic SP reaches the road, but if and when that day comes, I don’t think it’ll be a true standalone model. A closer look at the dimensions give the strongest clue as to what Mazda really has in mind for the Iconic SP; the car measures 4,180mm long, 1,850mm wide, 1,150mm tall and with a wheelbase of 2,590mm, making it 265mm longer, 115mm wider, 20–25mm taller than the current ND-generation MX-5, complete with a wheelbase stretched by 282mm.

This year, what I and many people still refer to as the “new” MX-5 enters its 10th year on sale, and I have no doubt that work on the replacement is well underway. I suspect that the natural growth of the compact roadster will mean that its new dimensions will be within a whisker of the Iconic SP’s. This must be the reason that things like the doors and seating position were meticulously researched during the construction of the show car. As for the roof? The second-generation MX-5 was briefly available as a fixed-roof coupé in Japan, while the hard-top convertible has been a staple of the model range since 2006. Perhaps it’s time for the metal roof to remain in place and for the compact roadster to spawn a mini-GT? The popularity of the Toyota GR86 proves the market for compact, affordable sports cars still exists.

At the time of publication, it’s been some days since the flurry of unconfirmed confirmations of the Iconic SP heading to production. There has been no official line from Mazda and I’ve repeatedly read between the lines of the post on Inside Mazda to see if there are any stones that I’ve left unturned. The only thing that sticks out to me is this line: “Amid the industry’s gradual shift towards electrification, this advanced rotary engine innovation could emerge as a crucial long-term solution.”

The words “gradual” and “could” stand out for their implication that a powertrain such as what powers the Iconic SP concept is a long-term goal, rather than an immediate one. In fact, Mazda has recently confirmed the development of a new four-cylinder reciprocating piston engine called Skyactiv-Z, which offers greater efficiency and reduced emissions compared to the current engines, and is due to arrive under the bonnets of its road cars by 2027. A logical first application for this new engine is the new MX-5, and I assume the platform which underpins it will be engineered to support two powertrain options.

There is no doubt that the style of the Mazda Iconic SP will make it to the roads in the coming years in the form of the next-generation MX-5 roadster – take one more look at the concept and imagine it with no roof. If the powertrain also arrives with very little change from the concept then it simply won’t be heralding the birth of a rotary-powered successor to the RX-7. Instead, we’ll be looking at a range-extender EV which has more in common with the MX-30 R-EV and the Nissan Qashqai e-power – both of which are electric cars that can run on petrol. At least it’ll be a sports car with a rotary engine in it, even if the reality differs from the dream.