After a rough Q1 2023, during which sales of the Chevy Colorado were markedly reduced due to lowered inventory levels, the Bow Tie brand’s midsize pickup truck has reclaimed its long-held second-place spot during the month of May.
Through May 2023, the Colorado was ranked second in the midsize pickup sales segment. This places the midsizer above the likes of the Ford Ranger, Nissan Frontier, and Jeep Gladiator, yet far below the segment-leading Toyota Tacoma. It’s worth noting that overall Q2 2023 sales will be available in early July.
For reference, sales of the Colorado fell almost 40 percent during Q1 2023 to 13,256 units. This caused the Bow Tie brand’s midsize pickup to lose four percent of its market share from Q1 2022 figures, down to 12 percent, as a result of significantly reduced inventory levels. As comparison, the Colorado sold 20,602 units in Q4 2022, thus capturing 15 percent of the midsize truck market.
With all that in mind, this drop in inventory is largely related to GM’s slow rollout of the next-generation 2023 Chevy Colorado. As such, with inventory levels slowly rising across the U.S., sales of the third-gen Colorado are likely to follow, as is evidenced above.
Speaking of the all-new midsizer, the 2023 Colorado is vastly improved over the preceding model. In fact, the exterior, interior and powertrain have all been extensively overhauled in an effort to catapult the truck over the Tacoma. Of course, Toyota just recently unveiled their next-gen Tacoma, which is set to launch later this year.
Under the hood, the 2023 Chevy Colorado features two engine options, including the turbocharged 2.7L I4 L2R gasoline engine, rated at 237 horsepower and 260 pound-feet of torque, and the turbocharged 2.7L I4 L3B gasoline engine, which produces either 310 horsepower and 391 pound-feet of torque, or 310 horsepower and 430 pound-feet of torque, depending on the tune.