Toyota weighs in on electric pickup trucks, Tacoma and Tundra

New York -” toyota motor The company is evaluating expanding its U.S. truck lineup that could include all-electric or hybrid-electric versions of its Tacoma and Tundra pickup trucks.

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

“I think there's room to grow our entire truck footprint. Whether it's a Tundra or a Tacoma or something else in addition to the lineup,” Hollis told CNBC on Tuesday during the Auto Forum conference in New York. “Whether it's built-in or something else, I think it's important for us to continue to see what customers are looking for.”

Toyota has previously discussed a wide range of battery electric vehicles, or BEVs, including midsize pickups like the class-leading Tacoma. Recent talks have raised the possibility of plug-in hybrid vehicles, or PHEVs.

Toyota said earlier this year that it would invest $1.3 billion in a factory in Kentucky to produce a new all-electric three-row SUV for the US market. The head of the Thai automaker confirmed this week that Toyota will produce a BEV variant of its Hilux pickup truck for global markets, according to Reuters.

Hollis said the electric Hilux is “pretty cool.” He declined to speculate on whether Toyota could bring that car to the United States

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

“We're in the process of evaluating both. There are reasons why a battery electric vehicle can work, and there's a reason why a plug-in hybrid electric vehicle (PHEV) can work,” he said, asking the question, “What's the best combination of battery electric vehicles?” Both of these trucks?” Or even for a 4Runner or Sequoia [SUVs]?”

There are currently five electric pickup trucks for sale in the United States, but their prices remain higher than luxury car prices compared to mass-market models. Their prices range from $50,000 to easily more than $100,000, and vehicle sales have slowed to a trickle after automakers rushed to bring all-electric pickup trucks to the market.

There are no hybrid electric pickup trucks currently for sale in the United States Stellantis The Ram brand is expected to launch an additional “extended-range” vehicle equipped with an electric generator powering the engine later this year.

Toyota is one of several automakers reevaluating its product lineup amid slower-than-expected adoption of electric vehicles, and in light of the Biden administration's revised emissions rules intended to better account for hybrid and hybrid electric vehicles.

Jose Muñoz, Hyundai's president and chief global operations officer, told CNBC on Wednesday that the company is reevaluating its plans to produce all-electric vehicles exclusively at a new plant under construction in Georgia.

“Everything is on the table,” Muñoz said. “We will adapt to market demand, and at the moment, we are on track to achieve what regulators require.”