The 2014 Toyota Corolla was unveiled on Thursday with a completely new look and standard LED headlights, proving that Toyota is willing to take some design risks with one of its most legendary vehicles.

"Customers emphasized the overwhelming importance of vehicle design on product perception in the marketplace," Toyota said in a press statement. "The 11th generation Corolla makes a much stronger design statement, with more compelling exterior and interior executions that challenge the preconceptions about Corolla."

Before the unveiling, Toyota said at a gala event in Santa Monica, C.A. that they wanted to make a "much stronger design statement" with the new Corolla which looks a lot like the Toyota Corolla Furia Concept that debuted at the 2013 Detroit Auto Show.

The Corolla Eco model has been tested to go over 40 mpg in highway driving according to a company press release.

The base model comes equipped with a 132-hp 1.8-liter four-cylinder engine. The Corolla L comes with a four-speed automatic transmission and a six-speed manual transmission option.

The six-speed manual is also available in the Corolla S.

Click here for more information about the new vehicle.

Other new features include a color-keyed rear spoiler, low-rolling-resistance 15-inch tires.

A longer wheelbase, roomier interior, LED headlamps, Bluetooth connectivity, and Toyota's multimedia touchscreen are all standard according to the company press release.

"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."

The new Corolla goes on sale in the fall, and pricing will be revealed closer to its release date according to Toyota.

Over 750 people attended the gala at Barker Hangar according to Toyota.

Celebrity chef Richard Blais, musical group Fuerza Bruta, and comedian Adam Carolla all made appearances to celebrate the new model before the Corolla was lowered from the ceiling in dramatic fashion.

Vintage Corollas from the museum were on display, including models from 1971, 1983 and 1987.

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