Toyota redesigns bestselling Tacoma pickup amid increased midsize competition

Toyota Motor is relying on the fourth technology of its Tacoma truck, together with a brand new “Trailhunter” mannequin, to assist keep its management within the rising U.S. midsize pickup market.

The Tacoma has led the midsize pickup phase in gross sales for practically 20 years, as opponents resembling Ford, Jeep and Chevrolet have come, gone and returned to the phase. Midsize pickup vans represented 4.4% of whole U.S. automobile gross sales in 2022, in keeping with auto analysis agency Edmunds.

“[Tacoma] is the No. 1 promoting automobile within the phase … our intention is for that to stay,” Joseph Moses, Toyota North America common supervisor of vans and SUVs, instructed CNBC. “We actually consider we have got that in place with this new mannequin.”

Toyota has commanded a roughly 40% share of the American midsize pickup truck phase since 2019 when Ford Motor and Jeep reentered market, in keeping with Edmunds. That’s down from a greater than 60% market share a decade in the past — regardless of Tacoma gross sales that surged roughly 150% since then — as rival automakers have launched new vans.

Trailing Toyota is General Motors, which sells the Chevy Colorado and GMC Canyon. Edmunds studies the Detroit automaker’s share of the U.S. midsize pickup phase final yr was about 19%, adopted by Stellantis‘ Jeep Gladiator at 12.8% and the Nissan Frontier at 12.5%

The 2024 Tacoma, which Toyota revealed early Friday, options new exterior and inside designs along with upgraded security, comfort and efficiency applied sciences. It will supply two turbocharged 2.4-liter, four-cylinder engine choices, together with a “i-FORCE MAX” hybrid mannequin that produces 326 horsepower and 465 pound-feet of torque.

The Tacoma unveiling comes after Ford showcased its new Ranger for the U.S. market and GM releases its next-gen Colorado and Canyon models. All these vans function pricier off-road or efficiency fashions.

The new Tacoma “Trailhunter” mannequin is a rugged-looking truck focused at fanatics of overlanding — a mix of off-roading and tenting that may use the mattress or prime of the automobile to sleep. The Japanese automaker partnered with Australian-based overlanding firm ARB to outfit the automobile.

Automakers have been expanding their off-road vehicle offerings as a strategy to enhance earnings on their vans and SUVs with far much less funding than a brand new automobile. Toyota additionally gives “TRD” fashions that embrace off-road capabilities or aesthetics.

Unlike a number of of its opponents, Toyota will proceed to provide a two-door model of the Tacoma and supply two totally different mattress lengths. Most opponents have shifted to providing solely four-door midsize pickups with one mattress choice to scale back complexity. Toyota is also providing the truck with a handbook transmission — a rarity in in the present day’s automotive business.

Tacoma is on the market in SR, SR5, TRD PreRunner, TRD Sport, TRD Off Road, Limited, TRD Pro, and Trailhunter. Moses stated it is a part of the automaker’s “a Tacoma for everybody” technique.

“Because we promote so many, we actually tried to have that broad diversified combine — on the decrease finish for people who simply want a truck to get going all the best way as much as the excessive finish for people who actually need to do some enjoyable stuff with it,” Moses stated.

Pricing for the 2024 Tacoma will probably be introduced nearer to the automobile arriving at U.S. dealerships later this yr. Current beginning costs vary from about $28,250 to almost $48,000, relying on the mannequin. The common transaction value for the Tacoma is about $41,000, in keeping with Moses.