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Miami Herald
27-05-2025
- Automotive
- Miami Herald
Toyota's Secret Weapon? Why a Compact Pickup Could Shake Up the U.S. Market
It's been a hot minute since Toyota has had a small pickup in the United States market, but rumor has it that's going to change in the next few years. Currently, there are just two small trucks available: the Ford Maverick and Hyundai Santa Cruz. With midsize and full-size trucks growing in size and increasing in price, there's a massive gap waiting to be filled-and there's a reason no automaker has closed it. The lack of a small pickup in the Toyota lineup has its roots in the Chicken Tax of 1964, which insulated domestic automakers from foreign light-duty vehicle imports. As I've discussed previously, the U.S. light truck market is still feeling the ramifications of the tariff 60 years later. While South Korean automakers are exempt from the 25% tariff due to the U.S.-Korea Free Trade Agreement, hence the Hyundai Santa Cruz, Japanese manufacturers aren't as fortunate. As a result, Toyota's compact pickup would likely be produced in the United States. Toyota isn't exactly shy about using the Corolla nameplate, and rightly so, considering it's the best-selling vehicle of all time, as well as a household name. So far, we have four iterations of the moniker, including a crossover, hot hatch, hatchback, and sedan. If Toyota were to emblazon the Corolla's name on a compact truck, it'd be the fifth in the lineup. Regardless of the name, the Japanese automaker has been listening to dealer requests for a smaller truck to slot beneath the Tacoma for some time now. "We're looking at it," Mark Templin, Toyota's U.S. Chief Operating Officer, told Bloomberg. Considering Toyota is shifting towards hybrid powertrains, odds are a new compact truck would follow suit. After all, the best-selling Toyota Camry is only available with a hybrid powertrain, as is the Toyota Sienna and a handful of other models. Ford has already set a precedent for a hybrid powertrain within the segment as well. When the Maverick debuted back in 2021, a 191-horsepower hybrid powertrain came standard, while a turbocharged four-cylinder engine was available as an upgrade. For the sake of speculation, if Toyota were to release a Corolla-based compact truck, can we expect a performance model similar to the GR Corolla hot hatch? It'd certainly fill a niche, but whether such a thing is worth exploring is questionable at best. Despite their prowess and dedication to the full-size truck segment, Chevrolet and Ram have yet to introduce a compact truck. To make matters more confusing, while Chevrolet offers the Colorado, Ram has yet to introduce a midsize truck of its own. There is a glimmer of hope from Ram, though, as according to the automaker, a midsize pickup will join the ranks as early as 2027. That still leaves the compact pickup segment in a rather interesting state, though. Ford and Hyundai are the only two manufacturers with a small truck in their lineups. Whereas the Ford Maverick sold more than 130,000 units in 2024, the Hyundai Santa Cruz lagged behind with around 32,000 units sold. While it doesn't tell the whole story, badging plays a role in the compact truck segment's performance. Ford is known for making trucks, Hyundai isn't, and that alone could be the difference for Toyota, too. Toyota has been building trucks for years, and its reputation for reliability and longevity speaks for itself. If the Japanese automaker were to introduce an affordable compact pickup at Corolla-level pricing, it could end up taking the entire segment by storm. While Nissan could introduce a compact truck alongside the Frontier, it doesn't seem like the automaker is in the financial position to do so. Nissan is in a precarious position, and considering it ended production of the full-size Titan, I wouldn't hold my breath on a new compact model. Then again, Nissan did reaffirm its dedication to the United States market, so there's a chance, right? "North America is a key market, and we are taking quick actions to get us back to growth and set the stage for the exciting products to come," said Christian Meunier, chairman, Nissan Americas. It's no secret that midsize and full-size trucks have grown exponentially compared to a decade or two ago. Having recently driven a Chevrolet Colorado and Ford F-150, I can see why consumers might opt for a compact truck. Interestingly, while Ford has introduced the Maverick to fill that void, Chevrolet and Ram have been slow on the uptake. Now that Toyota seemingly has plans to introduce its own compact truck, I can't help but wonder if the two American truck brands will add a compact pickup of their own in the near future. Then there's a wild card in the mix: Slate. What effect could the compact all-electric pickup have on the segment? Currently, electric trucks are limited to full-size models, like the Ford F-150 Lightning, and are often on the more expensive side. The introduction of an electric compact truck could turn the entire segment on its head, provided it's a good offering. No matter how you look at it, the compact truck segment is picking up steam, and it's only a matter of time before it boils over. Copyright 2025 The Arena Group, Inc. All Rights Reserved.
Yahoo
21-03-2025
- Business
- Yahoo
Investor Wants Shake-Up at Billionaire Sports Owner Bill Foley's Company
Cannae, a holding company led by billionaire investor and sports owner Bill Foley, is facing pressure from Carronade Capital Management to shake up its board and sell its investments in public stocks to focus on its private holdings such as European soccer teams, according to people familiar with the matter. Cannae was spun out in 2017 from title insurance provider Fidelity National Financial, which Foley founded in 1984 and has chaired since. The $7 Billion Defense Contractor Who Became One of America's Biggest Alleged Tax Cheats The 1960s 'Chicken Tax' Shows the Lasting Impact of Tariffs Fed Dims Economic Outlook, Citing Uncertainty Over Tariffs Ben & Jerry's Says CEO Ousted by Unilever Over Brand's Social Activism Sandals Resorts Taps Bankers to Explore Sale Carronade owns about 4.6% of Cannae, the people said, making it one of the top shareholders. The firm confidentially nominated a slate of four directors in December and believes the company's board isn't sufficiently independent, the people said. Shares of Cannae are down about 24% in the past year, giving the company a market value of about $1 billion. Foley owns the Vegas Golden Knights of the National Hockey League, as well as hotels, restaurants and a collection of vineyards and wineries. Cannae's holdings are similarly diverse. It holds stock positions in several companies and a variety of private investments. It owns slightly less than half of Black Knight Football Club, which owns English Premier League club AFC Bournemouth and stakes in several other soccer teams, and has invested in activist firm Jana Partners. Carronade believes the private investments are currently undervalued by investors, contributing to the entire company trading at a steeper discount on its assets than its peers, the people said. Carronade was founded by Elliott Management and Fortress Investment Group alum Dan Gropper. The multistrategy investment firm has historically focused more on investing in distressed debt, but in the past year has dipped its toe into activism, including agitating against Verizon Communications's nearly $10 billion acquisition of Frontier Communications. Carronade believes Cannae should sell its public company holdings and return most of that capital to shareholders, the people said. Cannae has investments in data-and-analytics company Dun & Bradstreet, employee-benefits manager Alight, financial-services company Paysafe and marketing-and-advertising company System1. Carronade views the current board as too connected to Foley's other ventures, according to the people. The firm also is pushing for a new board committee focused on improving returns for shareholders. Several board members are current or former executives or directors at Foley's separate entertainment holding company or Fidelity National Financial. Cannae said in a statement Thursday that it was committed to returning a large amount of capital to shareholders and continuing to reduce its public company holdings. The company said it had in recent weeks discussed its strategy with Carronade in order to reach a resolution. Write to Ben Glickman at Sale of Ozempic Knockoffs Is Supposed to End Soon. Telehealth Companies Aren't Happy. Crypto Exchange Kraken Strikes $1.5 Billion Deal for Futures Trading Business As Debt Ceiling Looms, the Fed Tweaks Its Portfolio Runoff Nissan to Cut 20% of Top Management Positions U.S., U.K. Defense Companies Mostly Excluded From New EU Loans Sign in to access your portfolio
