Toyota redesigns Tacoma pickup amid elevated midsize competitors

Toyota Motor is relying on the fourth era 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 almost 20 years, as opponents similar to Ford, Jeep and Chevrolet have come, gone and returned to the phase. Midsize pickup vans represented 4.4% of whole U.S. car gross sales in 2022, based on auto analysis agency Edmunds.

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“[Tacoma] is the No. 1 promoting car within the phase … our intention is for that to stay,” Joseph Moses, Toyota North America basic supervisor of vans and SUVs, advised CNBC. “We actually imagine 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, 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 vans.

Trailing Toyota is General Motors, which sells the Chevy Colorado and GMC Canyon. Edmunds experiences the Detroit automaker’s share of the U.S. midsize pickup phase 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 can 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 models. All these vans function 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 car to sleep. The Japanese automaker partnered with Australian-based overlanding firm ARB to outfit the car.

Automakers have been expanding their off-road vehicle offerings as a approach to increase income on their vans and SUVs with far much less funding than a brand new car. Toyota additionally gives “TRD” fashions that embody off-road capabilities or aesthetics.

Not like a number of of its opponents, Toyota will proceed to provide a two-door model of the Tacoma and provide two totally different mattress lengths. Most opponents 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 right now’s automotive trade.

Tacoma is offered in SR, SR5, TRD PreRunner, TRD Sport, TRD Off Highway, Restricted, TRD Professional, and Trailhunter. Moses stated 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 way in which as much as the excessive finish for those who actually wish to do some enjoyable stuff with it,” Moses stated.

Pricing for the 2024 Tacoma will probably be introduced nearer to the car 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 typical transaction value for the Tacoma is about $41,000, based on Moses.