The 2TR-FE had the same cast iron block and aluminum head as its predecessor, and also carried over the 16-valve dual overhead cam system with variable valve timing on both banks of valves. Bore and stroke were equal at 95 millimeters (3.74 inches), giving the 2TR-FE a precise total displacement of 2,693 cc or 164.3 cubic inches (via MotorReviewer).

Output ranged from 160-164 horsepower and 178-181 lb-ft of torque depending on the application, and Toyota recommended that owners change the 6.1 quarts of 0W-20 or 5W-20 full synthetic oil every 6,000 miles or 12 months. As of this writing, the 2TR-FE is being phased out by Toyota. It was dropped from the lineup in Canadian vehicles in 2020, although commercial fleet customers can still buy trucks and SUVs that use this engine. American Land Cruiser and Highlander buyers are limited to a 2.4 liter I4, and the Tacoma now comes with a 3.5 liter V6 as standard equipment.

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