DETROIT-- Toyota Motor Corp. likes the heated competition that
rival General Motors Co. brought into the midsize truck segment, an
executive said, after the Japanese auto maker unveiled the Tacoma,
fully redesigned for the first time in 11 years.
GM launched its Chevrolet Colorado and GMC Canyon in 2014,
challenging Toyota which has been dominating the segment with a
share of more than 60%. The segment, which also includes Nissan's
Frontier, is still small compared with full-size pickups.
"When you have a competitor such as the Colorado, you are going
to have more marketing, more sales activity, more product
development," said Bob Carter, Toyota Motor Sales U.S.A.'s senior
vice president.
"I think we will see that midsize area of the market expand," he
said.
The drop in fuel prices is boosting sales of pickup trucks and
sport-utility vehicles. Among Japan's three biggest auto makers,
Toyota is poised to most benefit from the boom for profitable
pickups that account for around 10% of its U.S. vehicle sales. For
Nissan Motor Co., that ratio is about 6% and for Honda Motor Co.,
around 1%.
But they still lag behind the Detroit Three, for whom pickups
account for around 20-30% of total U.S. vehicle sales.
Toyota will build the redesigned Tacoma at its plant in San
Antonio as well as the Baja California plant in Mexico. The vehicle
will go into production in the late summer or early fall of this
year, Mr. Carter said. Toyota didn't give the price of the vehicle
or fuel efficiency information.
Nissan also unveiled its redesigned Titan full-size pickup
Monday that offers a 5-litre diesel engine option.
Write to Yoko Kubota at yoko.kubota@wsj.com
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