The engine torque wouldn't be comparable, of course, but I think that's the point behind fugitive's concern about the gearbox. Appropriate gearing can transform crankshaft horsepower into rear axle torque. It's not a trivial task squeezing wide ratio gearing into that box, though, and still having it work out at the most useful ratio intervals.
That could be one reason for the long development time. Or, they may be at full production capacity for that engine right now. Or, given the economy, they may consider this a poor time to introduce a new model... or any combination of the above.