2014 Toyota Corolla unveiled

Toyota held a press gala on Friday, where it unveiled the 2014 Corolla. Celebrity chef Richard Blais catered the event, held inside of a hanger in Santa Monica, CA. Comedian Adam Corolla also made an appearance.

The 11th generation Corolla received a pretty significant overhaul to help it better compete in the compact market, where it was beginning to drag behind its peers in sales. The latest iteration features a longer body with a lower suspension and an overall sculpted look that evokes more a sports car than the economy car it has historically been.

"Full of surprises and unexpected features, this global reveal event captured the new era and elevated experience of the redesigned Corolla," said Bill Fay, group vice president and general manager, Toyota Division in a press statement. "As our second best-selling vehicle and a familiar sight on American roadways, the new Corolla retains its trusted quality and reliability while adding an exciting new look and energy."

Adding to the car's improved styling, Toyota is offering an array of wheel options for the 2014 Corolla. The company says owners can choose from everything from covered 15-inch steel wheels to 17-inch alloy wheels.

Under the hood, the 2014 Corolla boasts a 1.8-liter four-cylinder engine that produces 140 horsepower. The company is also offering an Eco version of the Corolla that will produce an estimated highway fuel economy of 40 mpg.

"It's a huge car for us. It helped really identify the company and the brand and what we're all about," Fay said. "We should appeal to a little younger buyer and broaden out the appeal of the car to more than what it is today."

Chef Richard Blais is best known for his appearance on Season 4 of Bravo's reality cooking show "Top Chef." For guests at the Corolla unveiling, he prepared dishes that included roasted pork belly with licorice grits and pickled peaches. Liquid nitrogen margaritas were also served.

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