The Ipsum was Toyota's first real success in Japan's then-new "RV" (Recreational Vehicle) market segment.

The second generation was introduced in May 2001 in Japan and also in Europe and Australia (where it was marketed as the Avensis Verso).

The car is known as the Toyota Picnic in some markets, including Singapore and Hong Kong.

It features an enlarged wheelbase, rear air conditioners and inner room for seven seats.

It received its facelift in October 2003, featuring a redesigned front and rear bumper, headlamps, new LED tail lamps and high mount stop lamp, interior trim and new alloy rims.

Production of the Ipsum ended in December 2009, and it was discontinued in Japan on the following month.