- Jan 14, 2010
Report: GM to shell out $1B to update Chevrolet Silverado and GMC Sierra
Chevrolet Silverado – Click above for high-res image gallery
While the current economic forecast includes much wailing and gnashing of teeth, it will eventually turn around. When it does, truck sales are likely to increase as truck-dependent industries look to replace their wares. General Motors wants to be right there on the tip of the spear with the most recently updated product. To that end, GM Chairman and CEO Ed Whitacre has given a McMahon-sized YES to redesigning the Chevrolet Silverado and GMC Sierra pickup trucks. The effort is likely to ring up a $1 billion price tag.
While the Chevrolet Silverado and GMC Sierra aren't exactly old (they were thoroughly redone in 2006), Ford and Dodge have revised their trucks in the ensuing time. While domestic rivals are the biggest competition for the Sierra and Silverado, Toyota's latest Tundra debuted in 2007, intent on mounting a serious challenge, as well. Only the Nissan Titan, enjoying a precipitous drop in sales lately, is longer in tooth. Things happen fast in truck-land. Full-size SUV sales are down and not likely to bounce back strongly, and new fuel economy provisos are coming on strong, too, but the need for working vehicles has merely waned, and General Motors is anticipating that a turnaround in industries like housing will spike truck sales. This proactive funding of a redesign will put GM's new wares in showrooms for 2012-2013.
[Source: Wall Street Journal]