The FC was led by Chief Project Engineer Akio Uchiyama, whose team focused primarily on the American market, where the majority of first-generation RX-7 sales had been concentrated. The design bore a stylistic resemblance to the Porsche 944 and drew engineering inspiration from the Porsche 928's suspension geometry. Compared to the first generation, the FC was a more rounded sport-tourer rather than a pure sports car, a reflection of market trends in the mid-1980s.
The suspension was substantially revised. The SA22's live rear axle was replaced with independent rear suspension, and rack-and-pinion steering replaced recirculating ball steering. Mazda introduced the Dynamic Tracking Suspension System (DTSS), which used special toe-control hubs to induce slight toe-out under normal driving for responsiveness and toe-in under heavier cornering loads above approximately 0.5g for stability. An Auto Adjusting Suspension (AAS) system also changed damping characteristics in response to road and driving conditions.
The FC used the 1308 cc 13B twin-rotor Wankel engine, available in naturally aspirated and turbocharged forms. In Japan only the turbocharged version was offered; export markets also received the naturally aspirated variant. The Series 4 (1986–1988) North American turbocharged Turbo II produced 182 hp at around 6,500 rpm and 183 lb-ft of torque, using a twin-scroll turbocharger with an air-to-air intercooler and bonnet intake. The Series 5 facelift introduced in April 1989 updated styling, engine management and suspension; the facelifted turbo was rated at 200 hp, and a limited two-seater Infini model received 205 hp in standard form and 215 hp from June 1990. In Japan, the initial turbocharged version produced 185 PS. The naturally aspirated Series 5 produced 160 hp in North American specification.
A convertible version, designated FC3C, was introduced in Japan in 1987 and in the United States in 1988. About 22,000 convertibles were built. US-market convertibles used only the naturally aspirated engine; other markets received only the turbocharged version. Mazda introduced with this model the first integral windblocker, a rigid panel that folded up from behind the passenger seats to reduce buffeting with the top down.
In Japan, a limited-edition Infini RX-7 was available with 600 units produced each year across four series from 1987 to 1990, featuring upgraded suspension and ECU, reduced weight, 15-inch BBS alloy wheels, aluminium bonnet with scoop, and higher power output. In 1988 Mazda produced the 10th Anniversary RX-7, a limited run of 1,500 cars based on the Turbo II with a Crystal White monochromatic colour scheme and bronze-tinted glass. The GTUs model, offered in 1989 and 1990 on the naturally aspirated base, commemorated the RX-7's eight consecutive IMSA GTU class wins from 1980 to 1987.
A final special edition called the Winning Limited was released in September 1991, with 1,000 units built on the FC3S to commemorate the Mazda 787B's victory at the 24 Hours of Le Mans.
The FC's predecessor, the first-generation SA/FB, had won eight straight IMSA GTU class championships. The FC continued Mazda's rotary motorsport presence through the 1980s before the programme moved toward the prototype programme that culminated in the 787B's Le Mans overall victory in 1991.
The FC represents the development midpoint of the RX-7 line. Total RX-7 production across all three generations reached more than 800,000 cars, with the FC accounting for 272,027 of those. The lighter SA/FB preceded it and the sequential twin-turbocharged FD3S followed, but the FC established the modern rotary sports car idiom — independent rear suspension, refined aerodynamics, and a proper sport-tourer character — that the FD then pushed further. In Japan the FC carried the Savanna RX-7 name throughout its production run.