Chevrolet’s goal of regaining its once-lofty position in the U.S. midsize sedan market have failed to materialize –forcing the maker to slash prices and order up an “emergency refresh” of the only recently redesigned Malibu.
General Motor’s largest brand will slash the price on its midsize Malibu by as much as $770 hoping to keep the sedan from losing more ground to its import and domestic competitors. Introduced in early 2012, the domestic 4-door faces a formidable assortment of competitors in one of the market’s toughest segments, including all-new versions of the Ford Fusion, Nissan Altima and Honda Accord, as well as the midsize sales leader, the Toyota Camry.
Malibu sales did post a modest gain in 2012, according to tracking firm Autodata, but the 3.3% rise, to 210,951 units, lagged well behind the overall 13.5% increase in the U.S. market. Malibu’s unanticipated shortfall is one reason why parent General Motors lost 1.5 points of market share in 2012, industry analysts report.