NEW YORK (CNN/Money) - The Toyota Celica and MR2 sports cars will no longer be sold after the 2005 model year, Toyota announced Friday.

"The Celica and MR2 have been a favorite amongst sports car enthusiasts since their introductions in the U.S.," said Don Esmond, senior vice president and general manager of the Toyota Division of Toyota Motor Sales U.S.A.

2004 Toyota Celica GT-S

"The past few years, however, have been very challenging for both Celica and MR2 as competition in a segment where 'what's new' dominates and we continue to add more exciting and youthful products to the lineup such as the Matrix and Corolla XRS, Solara sports coupe and recently the Scion xA, xB and tC," he said.

The Celica has been through seven generations and was first sold in the United States in 1971. The name, according to Toyota, is based on the Spanish word for "celestial," which is spelled the same as the English word.

The original, rear-wheel drive 1971 Celica was based on the EX-1 "Cars of the Future" concept vehicle. The Celica, according to the company, "Toyota's version of the Mustang." In 1986, the car was re-engineered and introduced in a new front-wheel-drive design.

The Celica was been named Motor Trend's "Import Car of the Year" in 1978 and one of Car and Driver's "Ten Best Cars" in 1984. It was called "Most Wanted Sport Couple under $30,000" by the autos Website Edmunds.com in 2001 and 20002. and the "Most Reliable Sporty Car" by Consumer Reports in 2002. It has frequently appeared among that magazine's list of "Best Buys."

2004 Toyota MR2 Spyder

Toyota is planning to introduce a new sporty car aimed at a slightly different market segment some time in the next few years, said Toyota spokesman Wade Hoyt.

The MR2, the name means "mid-engined, rear-wheel-drive two seater," was introduced in 1985. It was named Motor Trend's "Import Car of the Year" in the year it was introduced. A supercharged version of the car was introduced in 1988 and a turbocharged version in 1991. After 1995, the MR2 went out of production until 2000, when the third-generation version was introduced.