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I have not seen anything from Toyota over the years that they have the ability to catch a fast moving target in motorsport. They seem to have a steady pace of development but are not able to respond quickly to the speed of development from others. This was evident in their F1 days as well. Their decision making process seems to be slow in comparison to others leaving them behind as by the time they make a decision the goal posts have moved again. This is probably why they are good at making solid reliable cars.
In fairness they have come up with interesting innovations like the capacitor storage system or the side vented stepped floor in F1 (Brawn used it to win the championship) but appear not to have developed the ideas at a fast enough pace.
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