General Motors' 2015 Chevrolet Colorado may have just won an award as the best truck, but Toyota plans to give the midsize Colorado new and improved competition in the near future.
The automaker is developing an all-new version of its Tacoma pickup truck for next year and will launch the revamped midsize model at the Detroit Motor Show in January, Bloomberg News reported.
The refreshed Tacoma will further spur competition in the midsize segment, which GM entered with its Chevy Colorado after a two-year break.
"It's a market we've had almost to ourselves in the last couple of years," Bill Fay, Toyota division group vice president, told Bloomberg. "We've been there a long time and have been the dominant player. We have a very satisfied owner group."
Toyota sold 140,747 Tacomas in the first 11 months of the year, constituting 66 percent of all compact pickup sales, according to Automotive News.
While small pickup trucks have been a "flat segment," new offerings including the Colorado should boost interest, Fay told Automotive News.
For the 11-month period, total sales for small pickups increased only 2.7 percent, while full-size truck sales jumped 6.6 percent to 2.1 million units.
"It has been very important to us and our dealers. We started with a small pickup truck and that became part of our DNA here in America," Fay said. "I think today's consumers--not all of them necessarily want a full size truck. I think there is a chance for this market to develop further.