The fifh-generation Liteace that came out in February 2008 was jointly conceived by Toyota and Daihatsu Motor Co., Ltd., with the latter undertaking design and production. The vehicle was manufactured by PT Astra Daihatsu Motor in Indonesia.

While the timing of remodeling had differed for Liteace trucks and vans/wagons with regard to the third and fourth generation models, the renewal in 2008 covered both truck and van models, giving them unified looks under the same basic design. The semi-cab-over-engine body housed the engine underneath the front seats. The square, short-nose styling had practical advantages in terms of improved payload capacity, loading/unloading efficiency, ease of entry/exit, and visibility. The van offered only a standard roof, and the truck came with a high deck. The 2,650 mm wheelbase was the same for both models, although the body length was 4,045 mm for the van and 4,275 mm for the truck, the latter being longer by 230 mm.

Although the engine displacement decreased from previous generation's 1.8-liter to 1.5-liter (3SZ-VE), the performance actually improved. The transmission was either a 5-speed manual or a 4-speed automatic, with a rear-wheel-drive or a full-time 4-wheel-drive drivetrain configuration (the latter was added in July 2010).

Daihatsu started marketing the Liteace under the Gran Max name in November 2007 in overseas markets, mainly in Southeast Asia. The Daihatsu brand model was not for sale in Japan.