Toyota Enters Compact Pickup Truck Market
Toyota Motor Corp. is exploring the possibility of launching a compact pickup truck in the US market, potentially competing with Ford Motor Co.’s Maverick and Hyundai Motor Co.’s Santa Cruz models. The decision comes as the demand for entry-level trucks continues to surge, driven by rising prices of full-size and midsize pickups.
Average new vehicle transaction prices reached $48,699 in April, and with President Donald Trump’s trade policies threatening to drive prices even higher, consumers are increasingly seeking more affordable options with smaller beds. Ford’s Maverick, priced from $28,145, sold 131,142 units in the US last year, marking a 39% increase from the previous year. Hyundai’s Santa Cruz, starting at $28,750, saw 2024 sales of 32,033 units in the US, although this represented a 13% decline from the previous year.
“We’re looking at it,” Mark Templin, Toyota’s chief operating officer in the US, said in an interview. Toyota executives declined to provide details on the progress of their plans or a potential launch timeline for the compact pickup.
The potential entry into the compact pickup market is part of Toyota’s broader lineup revamp. The company is rapidly expanding its hybrid gas-electric offerings and plans to introduce several fully battery-electric models in the US market.
Toyota views the compact truck market as an opportunity to attract budget-conscious retail and fleet buyers who desire the utility of a pickup without the premium price tag. “We could really do well in that segment, so we’re trying to do it,” Cooper Ericksen, a senior vice president in charge of planning and strategy at Toyota Motor North America, said in a separate interview. “It’s a matter of timing.”
The move comes as Japanese carmakers face potential challenges from Trump’s trade policies, including tariffs that could impact their profitability. Toyota’s decision to explore the compact pickup market reflects the company’s efforts to adapt to changing market conditions and consumer preferences.
