Toyota Motor is currently exploring the possibility of expanding its U.S. truck lineup to include all-electric or plug-in hybrid electric versions of its popular Tacoma and Tundra pickups. This decision is being driven by anticipated customer demand and the tightening federal emissions and fuel economy regulations that are shaping the automotive industry landscape.
Jack Hollis, executive vice president of Toyota Motor North America, emphasized the need to grow the company’s truck footprint to align with the preferences of consumers. He highlighted the importance of continuously monitoring customer needs to refine the product offerings. In a recent statement at the New York Auto Forum conference, Hollis mentioned the potential for introducing a new compact truck model or something similar to the existing lineup.
While Toyota has previously discussed the development of battery-electric vehicles (BEVs), such as a midsize pickup to rival the Tacoma, recent discussions have introduced the concept of plug-in hybrid vehicles (PHEVs) as well. The company has already committed to investing $1.3 billion in a Kentucky plant to produce an all-electric, three-row SUV for the U.S. market. Additionally, plans are in place to introduce a BEV version of the Hilux pickup for global markets.
The possibility of integrating both BEV and PHEV versions of the Tacoma and Tundra into the lineup is currently under evaluation. Hollis highlighted the potential benefits of each technology and stressed the importance of determining the optimal mix for different vehicle models, including the 4Runner and Sequoia SUVs.
Despite the increasing interest in electric vehicles (EVs), the market for all-electric pickup trucks in the U.S. remains limited. Existing models are priced at a premium, ranging from $50,000 to over $100,000, making them more accessible as luxury vehicles rather than mass-market options. As a result, sales of these vehicles have slowed down following the initial rush by automakers to introduce all-electric pickups.
Notably, there are currently no plug-in hybrid electric pickups available for sale in the U.S. Stellantis’ Ram brand is set to introduce an “extended-range” plug-in vehicle later this year, featuring an electric generator to power the engine. Toyota’s decision to explore electric options for its trucks reflects a broader trend among automakers reassessing their product portfolios in response to evolving consumer preferences and regulatory requirements.
José Muñoz, Hyundai’s president and global chief operating officer, recently mentioned that the company is reevaluating its strategy of exclusively producing all-electric vehicles at a new facility under construction in Georgia. This shift underscores the need for flexibility and adaptability in the face of changing market conditions.
Toyota’s potential expansion of its U.S. truck lineup to include electric options demonstrates the company’s proactive approach to staying competitive in the evolving automotive industry. By assessing customer demand, regulatory trends, and the competitive landscape, Toyota aims to position itself as a leader in the transition towards electrification.