Toyota redesigns Tacoma pickup amid elevated midsize competitors

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

The Tacoma has led the midsize pickup section in gross sales for almost 20 years, as rivals akin to Ford, Jeep and Chevrolet have come, gone and returned to the section. Midsize pickup vehicles represented 4.4% of whole U.S. automobile gross sales in 2022, based on auto analysis agency Edmunds.

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

Toyota has commanded a roughly 40% share of the American midsize pickup truck section since 2019 when Ford Motor and Jeep reentered market, based on Edmunds. That is 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 vehicles.

Trailing Toyota is Normal Motors, which sells the Chevy Colorado and GMC Canyon. Edmunds stories the Detroit automaker’s share of the U.S. midsize pickup section final 12 months 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 would provide 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 fashions. All these vehicles characteristic pricier off-road or efficiency fashions.

The brand new Tacoma “Trailhunter” mannequin is a rugged-looking truck focused at lovers 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 increasing their off-road automobile choices as a method to enhance income on their vehicles and SUVs with far much less funding than a brand new automobile. Toyota additionally presents “TRD” fashions that embody off-road capabilities or aesthetics.

In contrast to a number of of its rivals, Toyota will proceed to provide a two-door model of the Tacoma and provide two completely different mattress lengths. Most rivals have shifted to providing solely four-door midsize pickups with one mattress possibility to cut back complexity. Toyota is also providing the truck with a handbook transmission — a rarity in at the moment’s automotive business.

Tacoma is out there in SR, SR5, TRD PreRunner, TRD Sport, TRD Off Highway, Restricted, TRD Professional, and Trailhunter. Moses mentioned it is a part of the automaker’s “a Tacoma for everybody” technique.

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

Pricing for the 2024 Tacoma will likely be introduced nearer to the automobile arriving at U.S. dealerships later this 12 months. Present beginning costs vary from about $28,250 to just about $48,000, relying on the mannequin. The common transaction worth for the Tacoma is about $41,000, based on Moses.