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The third generation Pontiac Firebird was introduced in late 1981 by Pontiac alongside its corporate cousin, the Chevrolet Camaro for the 1982 model year. These were also the first Firebirds with factory fuel injection, four-speed automatic transmissions, five-speed manual transmissions, four-cylinder engines, 16-inch wheels, and hatchback bodies.
The Firebird Esprit and the Firebird Formula came standard with the 255 hp (190 kW), 350 cu in (5.7 L). The Esprit could be upgraded to a two-barrel carbureted 400 cu in (6.6 L), 265 hp (198 kW), while the Formula could be optioned to receive the L78 4 barrel 400 that produced 330 hp (246 kW) or the L74 Ram Air III 400 345 hp (257 kW).
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It was an extensive revision to the third generation car, instead of a clean-sheet design. It was produced until the platform was canceled at the end of the 2002 model year. Unlike most of the prior years, the engine choices were simplified considerably; each year, on both the Camaro and the Firebird, there was only one V6 and one V8 available.
With the exception of the Parisienne Safari, the Firebird, and Fiero, beginning in 1988 all Pontiacs, with the exception of the Firebird, switched to front-wheel drive platforms. For the first time since 1970, Pontiac was the number three domestic car maker in America. The median age of Pontiac owners dropped from 46 in 1981 to 38 in 1988.
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The Firebird Esprit and the Firebird Formula came standard with the 255 hp (190 kW) 350 cu in (5.7 L). The Esprit could be upgraded to a two barrel carbureted 400 cu in (6.6 L)265 hp (198 kW), while the Formula could be optioned to receive the L78 4 barrel 400 that produced 330 hp (250 kW) or the L74 Ram Air III 400 345 hp (257 kW).