“This is arguably the most important product in the Chevrolet portfolio,” Alan Batey, president of GM North America, said Saturday. “We’ve put so much effort into understanding the customer and with eight different models, we’re very optimistic.”
The new Silverado has a longer wheelbase and more cargo and passenger space, said Mark Reuss, executive vice president of global product development. Its frame is 80 percent high-strength steel. The doors, hood and tailgate are made of aluminum, but the cage protecting passengers is all steel, he said.
The V-8 engines can shut off anywhere from one to seven cylinders to save fuel while cruising.
GM has decided against using aluminum in the truck bed like rival Ford did, Reuss said. The bed is wider than the current truck and made of a higher-strength steel alloy. It also features a power tailgate and a 120-volt outlet.
“Work comes first for truck buyers,” Reuss said. “The bed is like the head of a hammer. You won’t get much work done with an aluminum hammer.”
In the battle for pickup dominance, there are big dollars at stake. Full-size pickups are top sellers for Detroit’s automakers and collectively bring them annual revenue of more than $90 billion. Morningstar Inc. estimates that profits are at least $10,000 per truck -- and even more for high-end models -- compared with about $3,000 for passenger cars. That’s why the three companies
invest so much to develop their pickups and fight hard for every sale.
GM will begin deliveries of the new Silverado in the fall, months after Fiat Chrysler plans to start selling its redesigned Ram 1500.
The Silverado and its cousin, the GMC Sierra, had the lowest combined share of the full-size truck market on record last year, despite having incentives that were nearly $1,000 higher than the Ford F-150 on average, according to car-shopping website Edmunds.
When GM offered employee pricing to consumers in December, the average incentive spending for each Silverado 1500 sold was almost $8,000, compared with about $5,000 for Ford’s F-150, according to data from J.D. Power.
“Chevrolet needs to make a bold statement if it’s going to claw back market share in a segment with the most brand-loyal buyers,” said Edmunds’ executive director of industry analysis Jessica Caldwell. “The aluminum redesign of the F-150 was controversial, but Ford gained market share steadily ever since, so it’s clear that buyers can be swayed if they like what they see.”