By saying the Exeo is a different class to the toledo is ignoring how car releases work, has no one noticed that with each subsequent release a car gets bigger? The polo is now the size of a golf 10 years ago. The Vectra B was similar in size to a Toledo, but the Vectra C was definitely bigger, a 3 series is now considerably bigger than an E36 was. Saying that, they are still all C sector cars.
That said, the toledo was the Seat flagship, the exeo assumed that role and therefore became the Toledo mk IV in spirit, any new toledo is muddying the waters, two very similar sized cars from Seat would do no good to the sale of either, and how would the price fit in as well?
Its an ugly car IMO too, so hopefully doesn't get released, looks to Japanese and out of place with the rest of the range.