Toyota overhauls best-selling Tacoma pickup as competition ramps up

The legendary ‘Taco’ is getting a makeover.

The Toyota Tacoma, the mid-size pickup king here in the US, is getting a total redesign and will be all new for the 2024 model year. The current generation Tacoma, which has been out since 2015 and very similar to its predecessor that debuted in 2003, is nearly 20 years old. That's an astoundingly long period in an automotive world where cars and trucks generally have 7-year lifecycles.

That said, it's going into the redesign on a high note.

Toyota (TM) sold 237,323 Tacoma pickups in the US in 2022. Though down slightly from 2021, it is by far and away the top selling mid-size pickup in the US. By comparison, GM sold a total of 117,016 Colorado/Canyon midsize pickups last year, and Ford only sold 57,005 Ranger mid-size pickups.

However, both GM and Ford have redesigned their mid-size offerings for 2023 and 2024 model years respectively to challenge the Tacoma's reign. Stellantis' Ram brand execs, per the rumor mill, also have plans to revive the Dakota mid-size pick-up.

Meanwhile, in the EV pickup space, Ford and Rivian, and soon GM and Tesla, will duke it out. Ford and GM both intend to offer mid-size EV offerings as well. (There's no timeline yet.)

Supremacy — gas-powered or electric — in the light duty truck segment (which includes both mid-size and full-size pickups) is hugely important. It accounted for a whopping 79.2% of all vehicles sold in the US last year, according to the National Automobile Dealers Association (NADA).

In fact NADA says light duty truck sales were up 1.6% last year, while the overall market was down 8.2%.

To give it a leg up on the competition, in addition to all-new sheet metal, the Tacoma will be underpinned by Toyota’s new TNGA-F global truck platform, which Toyota says uses new high-strength steel. It features a redesigned suspension setup for improved ride and handling that's shared with the new full-size Tundra and Sequoia SUV,

“We looked at our truck DNA and the Toyota Baja race trucks for inspiration to capture the extreme spirit of off-road adventure,” said Kevin Hunter, head of Toyota’s design research center in California. “High lift, big tires, slim body, and a powerful athletic stance define the iconic Tacoma look, referred to as ‘Tacoma-ness’.”

While those are welcome changes, the most important update may be the powertrain options. Gone is the old V6 that Toyota hung on to far too long. In its place are two different turbocharged 4-cylinder engines. The 2.4L turbocharged 4-cylinder starts with 228 horsepower and 243 lb.-ft. of torque, but can be upgraded to a 278 horsepower and 317 lb.-ft. of torque in higher trims.

And for the enthusiasts who are into manual transmissions (a trend Toyota has been capitalizing on recently), Toyota is offering a 6-speed manual that has automatic rev matching. The non-manual engines are paired with a new 8-speed automatic transmission.

An even more powerful motor with mild hybrid power is available on the higher trim TRD versions, and special TRD Pro and Trailhunter models. Toyota’s i-FORCE MAX hybrid powertrain pair the 2.4L turbo four with a 48-hp electric motor and 1.87 kWh battery pack to produce a prodigious 326 horsepower— and 465 lb.-ft. of torque. Toyota says this powertrain is double the torque of the outgoing engine. (Note: this mild hybrid setup is meant for performance, and the truck does not have an all-electric drive mode.)

In addition to that hard-core TRD Pro edition, Toyota teamed up with off-road tuner ARB to create the Trailhunter special edition, which features a 2-inch lift, custom shocks, steel bumpers, recovery hooks, and 33-inch tires for a package meant for buyers looking for an “overlander” direct from the factory. The Trailhunter also features a snorkel air intake and steel skid plates, among other features.

Toyota says the all-new 2024 Tacoma will go on sale later this year, with i-FORCE MAX models coming early next year. Pricing will be announced later this year, although the current ‘Taco’ starts at $28,250, with the TRD Pro going for $47,685.

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Pras Subramanian is a reporter for Yahoo Finance. You can follow him on Twitter and on Instagram.

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