General Motors may be the world's largest automobile manufacturer, but it now has new, lofty goa to succeed in a market segment where it's been suffering for years.
Next month, GM will debut its 2008 Malibu, a vehicle it hopes will challenge the midsize sedan stranglehold of Honda and Toyota.
According to an article in the New York Times, GM is spending $100 million to introduce the new Malibu, which the company likes to call "Bu."
The Toyota Camry has been the country's top-selling sedan for the past seven years, with the Honda Accord, the second most popular.
In 2007, Toyota sold 417,104 Camrys and Honda sold 348,843 Accords. GM sold 138,110 Malibus. According to the Times' report, however, about 40 percent of the Malibu sales were to rental companies, while less than 10 percent of Toyota and Honda sales were fleet purchases.
The Malibu, which debuted in 1964, was Chevrolet's top-selling vehicle for years until it was discontinued in 1983. The car was reintroduced in 1997, but it has never been a challenger to Honda and Toyota top-sellers.
"It's tough to get the broad American public to reconsider an American car in that price class," Robert A. Lutz, GM's vice chairman, told The Times. "The Camry and the Accord have established, and justifiably so, such strong brand value, which means that you've to to have a really outstanding car."
Ed Pepper, Chevrolet's general manager, says the new Malibu "will speak for itself" and will look like it costs double its base price of $19,995 (gas) and $22,790 (gas-electric hybrid).
In general terms, the 2008 Malibu has a new low stance and a more sports-car like, curved roof. The Honda Accord has also been redesigned for 2008. The Toyota Camry was redesigned for 2007 models.
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