Small pickup trucks have evolved into larger models, with most now measuring nearly the size of full-size models. Current midsize trucks from Ford, Toyota, Chevrolet, and Nissan replaced compact trucks, which were not widely seen until the arrival of the Ford Maverick. The trend towards smaller models has gained momentum due to the Maverick and, to a lesser extent, the Hyundai Santa Cruz. This month, Toyota announced it is actively exploring a new model to slot beneath the Tacoma, which indicates that a new model may be introduced soon.
Why Build a Small Truck?
Before we delve into a possible new model from Toyota, one question needs to be asked. And it is this one: why build a small truck?
Here is the simple answer. The current offerings are large and expensive, which excludes many consumers from the market. Additionally, not every potential customer requires a bulky model, with the entry-level market often overlooked.
Credit the Ford Motor Company with renewing the segment, as it introduced an all-new Ford Maverick in 2022. The new model, with a base price just above $20,000 and a standard hybrid drivetrain, quickly caught on.
Strong Demand
Ford has struggled to keep up with demand. Indeed, in 2024, Ford sold just over 130,000 units, underscoring the strength of the segment. Competing manufacturers have yet to respond, allowing Ford to largely control the market. Yes, a Hyundai Santa Cruz competitor exists, but this model is more car-like and its sales are about one-fourth the Maverick’s.
Another company, startup Slate Motors, announced this spring that it would bring a compact all-electric pickup truck to the market as early as 2026. The new model, with a price tag of just $20,000 after incentives, may be the real deal. If it is, the segment is about to burst wide open.
The current-generation Ford Maverick compact pickup truck.
Enter Toyota Motors
We had expected GM to announce a response to the Maverick, but the General has not done so. Toyota, which builds the midsize Tacoma and the full-size Tundra, has responded. This is not surprising as the Japanese automaker once supplied a tiny model simply known as the Toyota Truck. It was later followed by the Tacoma, which gradually evolved into a midsize model. We will not get into all the reasons why this happened other than to say that federal regulations taxed and thereby prohibited the sale of tiny, imported models.
At a recent meeting with journalists at its Plano, Texas, headquarters, Toyota showcased several new models, including the all-new 2026 Toyota RAV4. The company also broached the idea of a compact model, with Motor Trend citing an executive who claims it will be built. Indeed, the Toyota has studied the segment for years and believes it could sell 100,000 to 150,000 compact models annually.
Planning a New Truck
The small pickup trucks that fans are familiar with are rear-wheel drive and feature a body-on-frame design. That is a design scheme popular with pickup truck owners, but one that is not likely to accompany a new Toyota model.
Instead, Toyota will most like base the model on its current small-car platform, which is popularized by the Corolla and Corolla Cross. This means that the new model would likely feature standard front-wheel drive, available all-wheel drive, and might come with a standard hybrid drivetrain.
Fully Hybrid
We think Toyota would build a four-door model to match the Maverick, but go one step further by making it hybrid only. If they do go fully hybrid, that move would match the direction Toyota takes with many of its models today.
Indeed, the current-generation Toyota Camry is now hybrid only. We think Toyota could bring the new model to market as a hybrid, price it below $30,000, and customers would enjoy dependable transportation while averaging 40 mpg.
Making it Happen
The easiest move for Toyota might be to build its existing HiLux model stateside and offer that. But we do not see that happening as small truck pickup truck market favors models such as the less-rugged Ford Maverick. In any case, with Toyota jumping in, we expect GM will follow, with the market expanding in ways few would have imagined just a few years ago.
Toyota and Hyundai images courtesy of the respective automaker. Ford image copyright Stumpwater Media Group, LLC.
