Toyota is exploring the development of a smaller pickup truck to compete with the Ford Maverick and Hyundai Santa Cruz. According to Mark Templin, Toyota’s chief operating officer in the US, the company is “looking at it” and believes it “could really do well in that segment.” The potential new truck is still in the early stages, with Cooper Ericksen, a senior vice president at Toyota, stating that “it’s a matter of timing.”
The compact pickup truck market has gained significant traction, with the Ford Maverick selling 131,142 units in 2024, a 39% increase from the previous year. The Maverick’s success can be attributed to its competitive pricing, starting at under $30,000. Toyota, however, faces a challenge in pricing its potential new truck, as the base price for a new Toyota Tacoma is $31,590 for an XtraCab model.
One possible approach for Toyota is to base the new truck on the RAV4 platform, which has seen significant success. The 2026 RAV4 offers hybrid and plug-in hybrid options, with a maximum of 320 horsepower. In its PHEV form, the RAV4 can tow up to 3,500 pounds, which could be increased to over 4,000 pounds with some reinforcement. This would make it competitive with the Ford Maverick and Hyundai Santa Cruz.
Using the RAV4 as a base would allow Toyota to leverage its existing production capacity, although the Georgetown, Kentucky plant is already heavily utilized. An expansion might be necessary to accommodate the production of a new truck. The potential revival of the Stout nameplate has also been rumored, which could be an option for Toyota’s new compact pickup truck.
The development of a smaller truck by Toyota would be a strategic move to capture a growing market segment. With careful planning and execution, Toyota could create a competitive offering that rivals the Ford Maverick and Hyundai Santa Cruz.
