Toyota weighing electric, plug-in Tacoma and Tundra pickups

New York – Toyota Automotive is evaluating an expansion of its U.S. truck lineup that could include all-electric or plug-in hybrid electric versions of its Tacoma and Tundra pickups.

Jake Hollis, executive vice president of Toyota Motor North America, said the Japanese automaker is evaluating its options to determine what makes the most sense based on expected customer demand and tightening federal emissions and fuel economy regulations.

“I do think there’s room to grow our entire truck footprint. Whether it’s Tundra, Tacoma or other models outside of the lineup,” Hollis told CNBC at the Auto Forum conference in New York on Tuesday. “Whether it’s compact or whatever, I think it’s important for us to continue to understand what our customers want.”

Toyota has previously discussed a broad range of battery electric vehicles (BEVs), including midsize pickup models such as its segment-leading Tacoma. The latest conversation looks at the potential of plug-in hybrid electric vehicles (PHEVs).

Toyota said earlier this year it would invest $1.3 billion at a Kentucky plant to build a new all-electric three-row SUV for the U.S. market. Toyota will produce an all-electric version of its small Hilux pickup truck for its global markets, the automaker’s Thai president reportedly confirmed this week. Reuters.

Hollis said the electric Hilux was “very cool”.He declined to speculate on whether Toyota could bring the car to the U.S.

However, he confirmed that the company is “looking into” BEV and PHEV versions of the Tacoma and full-size Tundra. The Tundra was last redesigned for the 2022 model year, and the Tacoma was also redesigned last year.

“We’re evaluating both,” he said. “There’s a reason BEVs work, there’s a reason PHEVs work. What’s the best combination based on those two trucks or even a 4Runner or a Sequoia (SUV)?”

There are currently five all-electric pickup trucks on sale in the U.S., but they still cost more as luxury vehicles than their mass-market counterparts. They range in price from $50,000 to easily over $100,000, and sales of these vehicles have slowed significantly after automakers brought all-electric pickup trucks to market.

There are currently no plug-in hybrid electric pickup trucks on sale in the U.S. stellar The Ram brand is expected to launch an “extended range” plug-in vehicle later this year with a generator to power the engine.

Toyota is one of several companies reassessing its product portfolio amid slower-than-exceptional adoption of electric vehicles and in light of the Biden administration’s revised emissions rules aimed at better accounting for hybrid and plug-in hybrid electric vehicles. car.

Hyundai Motor President and Global Chief Operating Officer José Muñoz told CNBC on Wednesday that the company is re-evaluating plans to build a new factory in Georgia dedicated to producing all-electric vehicles.

“Everything is on the table,” Munoz said. “We will adjust according to market demand and currently we are meeting the requirements of the regulators.”