The new V6 will generate 278 hp (207 kW), an increase of 42 HP over the previous 4.0-liter V6, and 265 lb-ft (359 N·m) of torque at 4600 rpm. Estimated city/highway/combined mpg for the 4x2 automatic is 19/24/21—an increase of 2 mpg on the combined cycle over the prior V6. The estimated mpg for the 4x4 manual is 17/21/19 and 18/23/20 for the automatic.

The 2.7-liter engine will produce 159 hp (119 kW) and 180 lb-ft (244 N·m) of torque @ 4000 rpm. EPA estimated city/highway/combined mpg for the 4x2 with an automatic transmission is 19/23/21. Estimated fuel efficiency for the 4x4 with a manual transmission is 19/21/20 and 19/22/20 for the automatic.

Both engines will be paired with a new six-speed automatic transmission with electronic shift delivering quick and easy shifting. The V6 can also be mated to a new six-speed manual transmission and the four-cylinder to a five-speed manual.

When equipped with the V6 Tow Package, the new Tacoma can tow up to 6,800 lbs. (per the SAE J2807 tow standard), an increase of 300 lbs. over the previous V6.

The new 2016 Tacoma was partly developed by the Toyota engineering team at Toyota Technical Center in Ann Arbor, Mich. Starting with the frame, they added high strength steel to help enhance rigidity and overall strength. Ultra-high strength steel was integrated into the body shell using a new hot stamping process that reduces weight.