General Motors Company (NYSE:GM) has unveiled the 2018 version of the Chevy Equinox which is part of the company’s offering for the compact SUV segment.
The Chevy Equinox has not been experiencing impressive sales this year and competitors in the compact SUV segment have been cashing in thanks to good sales. GM is, therefore, working on improving its game through the new Chevy Equinox which will be available early in 2017. The automaker hopes that the new version will help reverse the low sales.
The main rivals of the Chevy equinox include the Honda CRV from Honda Motor Co Ltd (ADR) (NYSE:HMC), the Rav-4 from Toyota Motor Corp (ADR) (NYSE:TM), the Rogue from Nissan Motor Co Ltd (ADR) (OTCMKTS:NSANY) and the Escape from Ford Motor Company (NYSE:F). All these vehicle models have been experiencing growing sales up until August, though Equinox sales dropped by 18%. GM believes that the Chevy Equinox did not do well partly because it has not been revamped since 2010.
GM claims that the new version of the Equinox shed roughly 400 pounds of weight compared to the previous version. It is also four inches shorter than its predecessor though it offers more interior space. GM also says that the vehicle has a smaller turning radius making it easier to park among other new perks.
“We needed to develop a vehicle that allowed them to check off every box.”
GM president Alan Batey stated that customers are now more conscious about safety, efficiency, and design rather as opposed to the past where they would consider the technological aspects. Jessica Caldwell, a senior analyst at Edmunds stated that the vehicle will have to look less like an SUV to capture the attention of customers.
Dan Nicholson of GM also revealed that the Equinox will feature three engine configurations so that customers can choose their preference.
Ford Stock traded at $12.18 during the latest trading session, an improvement by $0.09 or 0.71% compared to the previous close. The stock had a reading volume of 36.14 million shares.