It's the End of the Line for Competitors if Toyota Successfully Launches a Compact Pickup in the US.

      Toyota

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      For some time now, the small pickup truck segment has been dominated by the Ford Maverick, Hyundai Santa Cruz, and Honda Ridgeline, but it appears that Toyota is considering making its own entry into this market. In a Bloomberg interview, Mark Templin, Toyota's North American chief operating officer, stated, “We’re looking at it,” in reply to inquiries from U.S. dealers seeking a compact pickup to fit beneath the midsize Tacoma.

      Given that even a relatively new startup like Slate is heavily invested in the compact truck niche, it’s surprising Toyota hasn’t already launched a vehicle in this category. The automaker has all the necessary components to bring this to fruition, including manufacturing plants within the U.S. They could take the unibody TNGA-K platform and reliable hybrid systems from the newly updated RAV4, give it a mini-Tacoma design, and add a bed in the back. Toyota's chief Koji Sato recently remarked, “A car is not a car if it’s not fun”—a pickup version of the RAV4 would be quite enjoyable.

      I believe many share this sentiment. In 2024, the top two best-selling vehicles in the U.S. were the Ford F-Series and Chevy Silverado, with the Toyota RAV4 trailing closely in third place, achieving sales of 475,000 units. When you combine the compact crossover’s immense popularity with America’s never-ending demand for trucks, it’s difficult to envision a scenario where a small Toyota pickup would fail.

      The success of the 2025 Ford Maverick indicates a strong consumer interest in small trucks.

      Critics of unibody trucks may counter by highlighting the modest sales of the Hyundai Santa Cruz and Honda Ridgeline—Hyundai sold only 32,000 pickups in 2024 (a 13% decrease from ’23) while Honda sold 45,000 Ridgelines (also down by 13% year-over-year). However, I believe these models struggle not due to their size or construction but because Hyundai and Honda are not primarily recognized as truck manufacturers. In contrast, traditional truck brand Ford sold 131,000 Mavericks last year, representing a 39% increase, despite that vehicle sharing a platform with the Escape.

      This suggests that brand identity significantly influences truck buyers, arguably more than in any other vehicle category. This might be disheartening news for Slate, but Toyota has a long history of successfully producing trucks, and it’s time to leverage that brand loyalty with an offering that even those in the Corolla price range can afford.

      If you have a tip or question for the author about a potential small Toyota pickup, you can contact him here: [email protected]