Toyota Redesigns Tacoma Pickup Amid Increased Midsize Competition

Toyota engine is counting on the fourth generation of its Tacoma truck, including a new “Trailhunter” model, to help maintain its leadership in the growing U.S. mid-size pickup market.

The Tacoma has led the midsize pickup segment in terms of sales for nearly 20 years, as competitors such as Ford, Jeep, and Chevrolet have come, gone, and re-entered the segment. Midsize pickup trucks accounted for 4.4% of total U.S. vehicle sales in 2022, according to automotive research firm Edmunds.

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“[Tacoma] is the best-selling vehicle in the segment… our intention is that it stays that way,” Joseph Moses, general manager of trucks and SUVs for Toyota North America, told CNBC. “We really think we have that in place with this new model.”

Toyota has had a roughly 40% share of the U.S. midsize pickup segment since 2019, when Ford engine and Jeep re-entered the market, according to Edmunds. That’s down from a market share of more than 60% a decade ago – despite Tacoma sales having jumped around 150% since then – as rival automakers launched new trucks. .

The rear Toyota is General Motors, which sells the Chevy Colorado and GMC Canyon. Edmunds reports that the Detroit automaker’s share of the U.S. midsize pickup segment last year was around 19%, followed by Stellantide‘ Jeep Gladiator at 12.8% and Nissan Frontier at 12.5%

The 2024 Tacoma, which Toyota unveiled early Friday, features new exterior and interior designs in addition to improved safety, convenience and performance technologies. It will offer two 2.4-liter turbocharged four-cylinder engine options, including an “i-FORCE MAX” hybrid model that produces 326 horsepower and 465 pound-feet of torque.

The Tacoma unveiling comes after Ford introduced its new Ranger for the US market and GM launched its next-generation Colorado and Canyon models. All of these trucks offer more expensive off-road or performance models.

The new Tacoma “Trailhunter” model is a tough-looking truck for the landing enthusiast – a combination of off-roading and camping that can use the vehicle’s bed or roof for sleeping. The Japanese automaker has teamed up with Australian company ARB to equip the vehicle.

Automakers have expanded their off-road vehicle offerings to increase profits from their trucks and SUVs with far less investment than a new vehicle. Toyota also offers “TRD” models that include off-road capabilities or aesthetics.

Unlike many of its competitors, Toyota will continue to produce a two-door version of the Tacoma and offer two different bed lengths. Most competitors switched to offering only four-door midsize pickups with a bed option to reduce complexity. Toyota also offers the truck with a manual transmission – a rarity in today’s automotive industry.

Tacoma is available in SR, SR5, TRD PreRunner, TRD Sport, TRD Off Road, Limited, TRD Pro and Trailhunter. Moses said it’s part of the automaker’s “one Tacoma for everyone” strategy.

“Because we sell so many of them, we’ve really tried to have this broad, diverse mix – from low end for those who just need a truck to go up to high end for those who really want to do stuff. fun with it, said Moses.

Pricing for the 2024 Tacoma will be announced closer to the vehicle’s arrival in U.S. dealerships later this year. Current starting prices range from around $28,250 to nearly $48,000, depending on the model. The average transaction price for the Tacoma is around $41,000, according to Moses.