Short answers, pulled from the story.
The TurboGrafx-16 was a fourth-generation home video game console developed by Hudson Soft and manufactured by NEC. It was released in Japan in 1987 as the PC Engine and in North America in 1989 under its American name.
The TurboGrafx-16 arrived in U.S. test markets in late August 1989, two weeks after Sega released the Genesis, putting it immediately at a competitive disadvantage. Limited marketing, a weak pack-in game (Keith Courage in Alpha Zones), a smaller game library, and NEC overproducing 750,000 units far above actual demand all contributed to its poor performance.
In Japan, where it was known as the PC Engine, the console sold 500,000 units in its first week of release and became the Super Famicom's main competitor. NEC sold a total of 5.84 million PC Engine units in Japan. In North America, by contrast, NEC sold only 750,000 TurboGrafx-16 consoles in total by March 1991.
The TurboGrafx-16 used an 8-bit CPU running at 7.16 MHz paired with two 16-bit graphics processors. The "16" in the name referred to those dual graphics chips, not the central processor. Critics at the time called the branding misleading.
The CD-ROM² add-on released in Japan on the 4th of December 1988 made the PC Engine the first video game console to use compact disc as a storage format. It launched in the United States in November 1989 as the TurboGrafx-CD at a price of $399.99. Later upgrades included the Super CD-ROM² in 1991 and the Arcade Card on the 12th of March 1994, which expanded onboard RAM to 2 MB.
Konami announced the TurboGrafx-16 Mini at E3 2019. Its original launch date of the 19th of March 2020 was delayed indefinitely due to COVID-19 pandemic supply chain disruptions. It was released in North America on the 22nd of May 2020 and in Europe on the 5th of June 2020.