What Caused Chevrolet Colorado Sales to Spike in Q3?
Improved production over the course of the third quarter of 2022 saw Chevrolet Colorado sales numbers spike. The news means the best-selling midsize pickup truck from General Motors keeps second place in the growing segment. Although the Toyota Tacoma remains on top, the Colorado significantly outperformed the segment average from July 1 to September 30.
Chevrolet Colorado U.S. sales up 92%
The midsize pickup truck segment grew 14% to 146,530 units in Q3 2022, GM Authority reports. In Q3 2021, GM sold 12,696 Colorados in the U.S., which jumped to 24,405 this year, a 92% increase.
Despite a 10% decrease in sales, the Tacoma remained the frontrunner with 67,224 units sold in Q3 2022. The Jeep Gladiator was third, with 21,511 units, a 5% decrease. The Nissan Frontier remained fourth, with a 13% increase to 13,187 units. The Ford Ranger suffered a 13% loss in sales to come in fifth with 12,453 units sold. Rounding out the bottom was the GMC Canyon—GM’s Colorado corporate cousin—with 7,750 units sold, and despite being in last place, this meant a 41% year-over-year increase.
Currently, the midsize pickup segment share is as follows, with the year-over-year change:
- Toyota Tacoma: 46% (-2%)
- Chevrolet Colorado: 17% (+7%)
- Jeep Gladiator: 15% (-3%)
- Nissan Frontier: 9% (no change)
- GMC Canyon: 8% (-2%)
While Q3 sales increased further in Canada, Chile, Colombia, and Mexico, they decreased by 67% in South Korea. Only 584 Chevy Colorado sales were made compared to 1,816 in Q3 2021.
Chevrolet Colorado supply barely kept up with Q3 customer demand
GM struggled to keep up with increased demand for its popular midsize offering last quarter. A 60-day supply is the benchmark across the automotive industry. However, that was the pre-COVID standard, as the Colorado’s supply was just a fraction of that.
In June, prior to the beginning of Q3, the Colorado supply across the U.S. was as low as eight days, compared to only six days a month before. Nevertheless, GM has invested big in its production plants to anticipate even higher sales coming in early 2023.
GM bets big on next-generation Chevrolet Colorado
The second-generation Chevrolet Colorado has been on sale for seven years. Although it remains competitive, the outdated midsize pickup will be replaced in Q1 of 2023. GM has invested $1 billion in their Wentzville, Missouri, plant for the all-new Colorado and its revamped Canyon.
Production for most variants of the 2023 Chevy Colorado will begin this coming January. Yet, the highly-anticipated, trail-pounding ZR2 model will come later in April 2023. Moreover, GM is expanding its customer offerings as 200 new individual components will be added to the Chevrolet Accessories catalog.
All-new 2023 Chevrolet Colorado
When it debuted in July, the next-gen Colorado featured an all-new powertrain, ditching the gasoline and diesel four-cylinders and the 3.6L LGZ V6. Powering the new Colorado is a turbocharged 2.7L four-cylinder gasoline engine, delivering three levels of tune. Out of the five trim levels—WT, LT, Z71, ZR2, ZR2—the tunes are 237 or 310 hp with 259, 390, or 430 lb-ft of torque. There is also only one transmission choice: an eight-speed automatic.
Besides the engine changes, nearly everything was remodeled from the second-generation Colorado. Inside a completely revised interior is enhanced onboard technology to provide a refined ride and assist the Colorado off-road. Furthermore, the first-ever Trail Boss and ZR2 Desert Boss Special Edition package will be available on the new Chevrolet Colorado.