The Series I/L10A Cosmo was powered by a two-rotor engine with 982 cc of displacement and produced about 110 hp (thus the 110 name). It used a Hitachi four-barrel carburetor and an odd ignition design—two spark plugs per chamber with dual distributors. A four-speed manual transmission and 14-inch wheels were standard.
In Japan, the installation of a rotary engine gave Japanese buyers a financial advantage when it came time to pay the annual road tax in that they bought a car that was more powerful than a traditional inline engine, but without having the penalty for having an engine in the higher above-one-litre tax bracket.
The front suspension was a coil-sprung double-wishbone design with an anti-roll bar. The rear used a leaf-sprung de Dion tube. Unassisted 10 inch (254 mm) disk brakes were found in front with 7.9 inches (201 mm) drum brakes in the rear. Performance in the quarter-mile (400 m) was 16.4 s, with a 115 mph (185 km/h) top speed. The price was lower than the Toyota 2000GT at 1.48 million yen (US$4,100).