Water/Fire type Pokemon Volcanion is expected to be released globally soon.
Some sort of event is to be expected, though whether it will be released as a Wi-fi Mystery gift or via a retailer partnership remains to be seen. What we do know is that this “Steam Pokemon” is the first Fire/Water Pokemon in existence, that it will feature the ability Water Absorb, and that “It uses fire and water to create steam within its body, expelling explosive shock waves and boiling steam from the arms on its back. The power is said to be great enough to blow away an entire mountain, gouging out the earth and changing the shape of the land.”
Of course, data for Volcanion was found back in 2013, when people also learned about recently released Diance and Hoopa. Because of that, we may also know Volcanion’s stats and moves (which include Hydro Pump, Overheat, and Steam Eruption, which is essentially a more powerful Scald).
According the Pokemon fan-site and database Serebii.net, his stats are appropriately legendary, with a BST (base stat total) of 600, powerful offenses (110 and 130 for Attack and Sp. Attack), and respectable bulk (80/120/90). While its speed leads a lot to be desired (70, tied with Metagross), its dominant move pool is likely to do considerable work anyway.
The Pokemon will also feature in the upcoming Pokemon movie.