1 00:00:01,080 --> 00:00:04,519 Speaker 1: You're listening to Taking Stock with Kathleen Hayes and Pimpbox 2 00:00:04,680 --> 00:00:07,960 Speaker 1: on Bloomberg Radio. All right, time to kick the tires 3 00:00:07,960 --> 00:00:11,760 Speaker 1: with Stephen Magarro's. He is US director Chevrolet Cars and 4 00:00:11,960 --> 00:00:15,360 Speaker 1: Crossovers and he joins us now, Thanks very much for 5 00:00:15,400 --> 00:00:17,520 Speaker 1: being with us. Steven, I gotta ask you about this 6 00:00:17,600 --> 00:00:21,799 Speaker 1: a compact crossover market because this has really been growing 7 00:00:21,880 --> 00:00:24,120 Speaker 1: and have been a sweet spot for for the industry 8 00:00:24,160 --> 00:00:26,920 Speaker 1: as well as the larger A segment. But I know it. 9 00:00:27,000 --> 00:00:30,400 Speaker 1: For example, they're posting double digit growth gains and indeed 10 00:00:30,440 --> 00:00:32,400 Speaker 1: in this year and some months so we're talking about 11 00:00:32,400 --> 00:00:36,800 Speaker 1: an eight or nine percent increase. What the fines the crossover, 12 00:00:36,840 --> 00:00:41,720 Speaker 1: the the SUV small crossover market. Well, I think what 13 00:00:41,840 --> 00:00:43,720 Speaker 1: you see, first of all, good act and thanks for 14 00:00:43,760 --> 00:00:46,520 Speaker 1: having me on today. What you're seeing in the industry 15 00:00:46,680 --> 00:00:48,400 Speaker 1: is a kind of a bit of a fundamental shift 16 00:00:48,440 --> 00:00:51,960 Speaker 1: as people look for more utility safety technology, all the 17 00:00:52,040 --> 00:00:55,200 Speaker 1: things are that they're looking for. They're migrating more towards 18 00:00:55,760 --> 00:00:58,640 Speaker 1: crossover and support utild vehicles. And we've got some great 19 00:00:58,640 --> 00:01:01,960 Speaker 1: news from Chevrolet and that amp out here in Chicago today. 20 00:01:02,280 --> 00:01:06,640 Speaker 1: We'll tell us a bit more about that. Well, compact 21 00:01:07,000 --> 00:01:10,240 Speaker 1: compact SuDS or compact crossovers are the number one segment 22 00:01:10,280 --> 00:01:13,920 Speaker 1: in the industry, so selling well over two million units 23 00:01:13,959 --> 00:01:16,520 Speaker 1: a year. So it's certainly the space where where we 24 00:01:16,560 --> 00:01:18,959 Speaker 1: want to be. And today we're very excited that we're 25 00:01:18,959 --> 00:01:23,119 Speaker 1: gonna have a global reveal of the all new cheval Equinox. 26 00:01:23,200 --> 00:01:25,280 Speaker 1: This has been a real workhorse for us. It's been 27 00:01:25,280 --> 00:01:27,679 Speaker 1: in the market for for us for about about ten 28 00:01:27,760 --> 00:01:31,080 Speaker 1: fifteen years. We've sold over two million of these units ourselves, 29 00:01:31,080 --> 00:01:33,520 Speaker 1: so it's been a workhorse for us. And we've got 30 00:01:33,560 --> 00:01:35,560 Speaker 1: some great news today and there'll be a lot of 31 00:01:35,560 --> 00:01:37,880 Speaker 1: details at this car once we reveal it here in 32 00:01:37,920 --> 00:01:42,760 Speaker 1: Chicago tonight. What actually defines the compact crossover, I mean, 33 00:01:42,880 --> 00:01:45,560 Speaker 1: is there it's a unibody construction. What what actually give 34 00:01:45,640 --> 00:01:49,920 Speaker 1: us some details? Yeah, So the fundamental difference I guess 35 00:01:49,960 --> 00:01:52,600 Speaker 1: between a crossover and suv is, as you describe, more 36 00:01:52,680 --> 00:01:55,560 Speaker 1: unibody versus a body and frame more traditional truck. So 37 00:01:55,640 --> 00:01:58,560 Speaker 1: you think about a Chevallet Tahoe or a Chevali suburb 38 00:01:58,640 --> 00:02:01,480 Speaker 1: and those are more truck based abilities usually have a 39 00:02:01,480 --> 00:02:05,040 Speaker 1: lot more capability for towing larger engines things like that. 40 00:02:05,280 --> 00:02:08,200 Speaker 1: But It's beautiful about crossovers is they're really more nimble, 41 00:02:08,480 --> 00:02:12,000 Speaker 1: they've got more efficiency, better fuel economy, but they still 42 00:02:12,040 --> 00:02:14,920 Speaker 1: provide the functionality that that customers are looking for. And 43 00:02:15,000 --> 00:02:20,079 Speaker 1: that's the segment that we're introducing Equinox today. So what 44 00:02:20,200 --> 00:02:23,520 Speaker 1: does your you sold a lot of these kinds of cars, 45 00:02:23,560 --> 00:02:27,280 Speaker 1: what is your marketing research tell you about the features 46 00:02:27,320 --> 00:02:33,320 Speaker 1: that potential buyers are most interested in these kinds of vehicles. Yeah, well, 47 00:02:33,600 --> 00:02:35,960 Speaker 1: crossovers have to not just do one thing right, They've 48 00:02:36,000 --> 00:02:38,640 Speaker 1: got to do everything great and first and foremost people 49 00:02:38,680 --> 00:02:41,720 Speaker 1: are looking for uh safety features, and we're adding a 50 00:02:41,760 --> 00:02:46,840 Speaker 1: whole series of both uh UM active and passive safety features, 51 00:02:46,840 --> 00:02:50,120 Speaker 1: things like forward collisional or lame departure warning, things that 52 00:02:50,160 --> 00:02:52,960 Speaker 1: people just expected in vehicles today. But they have to 53 00:02:52,960 --> 00:02:55,320 Speaker 1: be sick more than safe. They have to be practical. 54 00:02:55,560 --> 00:02:58,400 Speaker 1: They have to deliver great fuel efficiency, they have to 55 00:02:58,400 --> 00:03:01,359 Speaker 1: deliver the technology people look for, things like Apple Car 56 00:03:01,400 --> 00:03:04,160 Speaker 1: Play and Right Auto. And at the end of the day, 57 00:03:04,400 --> 00:03:07,040 Speaker 1: they have to deliver bullet proof quality. And if you 58 00:03:07,080 --> 00:03:09,480 Speaker 1: look at what the cheval Equinox has delivered so far, 59 00:03:10,040 --> 00:03:14,079 Speaker 1: it's currently jd powers winner for both initial quality as 60 00:03:14,120 --> 00:03:16,520 Speaker 1: well as long term dependability. So when you have a 61 00:03:16,560 --> 00:03:18,920 Speaker 1: formula like that, there's that's a pretty much reason to 62 00:03:18,919 --> 00:03:21,200 Speaker 1: believe what We've had such great success, and we fully 63 00:03:21,200 --> 00:03:24,399 Speaker 1: anticipate to have even more success with our next generation. 64 00:03:25,040 --> 00:03:27,560 Speaker 1: Tell us a little bit about the competition and how 65 00:03:27,680 --> 00:03:31,400 Speaker 1: what you're offering the specifications match up against Let's say 66 00:03:31,480 --> 00:03:35,200 Speaker 1: the Buick what is it the end Vision. Uh, they're 67 00:03:35,240 --> 00:03:38,120 Speaker 1: big in the compact crossover market. You've got the Volvo 68 00:03:38,240 --> 00:03:41,880 Speaker 1: V sixty correct, You've got also the Sportage. I believe 69 00:03:41,960 --> 00:03:44,840 Speaker 1: that's coming from Kia. Tell me about the what what 70 00:03:44,880 --> 00:03:48,520 Speaker 1: specs you bring to the party. Well, I mean we 71 00:03:48,680 --> 00:03:50,760 Speaker 1: literally open up the aperture when it comes to our 72 00:03:50,800 --> 00:03:55,040 Speaker 1: competitive set. We look at high volume manufacturers like Ford 73 00:03:55,080 --> 00:03:58,440 Speaker 1: and Toyota and Han certainly credible players in the marketplace. 74 00:03:58,480 --> 00:04:01,000 Speaker 1: But the thing that Chevallet has been delivering when it 75 00:04:01,040 --> 00:04:03,640 Speaker 1: comes to things like safety features I mentioned when it 76 00:04:03,680 --> 00:04:07,000 Speaker 1: comes to things indiscrete exclusive like four G technology, So 77 00:04:07,360 --> 00:04:10,760 Speaker 1: the kinds of things that customers say we want convenience features, 78 00:04:10,840 --> 00:04:13,960 Speaker 1: we want those safety features, we want great performance. We're 79 00:04:13,960 --> 00:04:17,400 Speaker 1: gonna introduce three band brand new power trains today with 80 00:04:17,480 --> 00:04:20,760 Speaker 1: this Equinox, which will deliver more fuel efficiency, a better 81 00:04:20,839 --> 00:04:23,480 Speaker 1: driving experience, and so when you have to check all 82 00:04:23,560 --> 00:04:26,560 Speaker 1: those boxes, we feel we do a better job than anyone. 83 00:04:26,640 --> 00:04:29,120 Speaker 1: I think that when you see the details on this Equinox, 84 00:04:29,240 --> 00:04:31,039 Speaker 1: I think you'll see that to be true. And what 85 00:04:31,080 --> 00:04:33,560 Speaker 1: about global markets, It feels like we're talking a lot 86 00:04:33,560 --> 00:04:37,599 Speaker 1: about what's popular and sought after in the US. I 87 00:04:37,760 --> 00:04:40,799 Speaker 1: was speaking to a money manager who goes to China 88 00:04:40,800 --> 00:04:42,520 Speaker 1: a lot. He was very high on the fact that 89 00:04:42,560 --> 00:04:44,560 Speaker 1: the Chinese are moving as fast as they can to 90 00:04:44,680 --> 00:04:47,880 Speaker 1: all electric vehicles, and eventually they want to move entirely 91 00:04:47,920 --> 00:04:49,840 Speaker 1: away from fuel. What do you see in the global 92 00:04:49,880 --> 00:04:53,400 Speaker 1: market when it comes to demand, Well, the first and 93 00:04:53,440 --> 00:04:56,279 Speaker 1: foremost what we're seeing is this Equinox will be indeed 94 00:04:56,440 --> 00:04:59,080 Speaker 1: a global global product for US. We'll have this available 95 00:04:59,120 --> 00:05:01,520 Speaker 1: in a hundred and fift markets. And so whether you 96 00:05:01,560 --> 00:05:03,960 Speaker 1: look at Equinox, whether you look at our small suv 97 00:05:04,040 --> 00:05:07,039 Speaker 1: our tracks Entry, which is available in seventy five countries, 98 00:05:07,040 --> 00:05:09,680 Speaker 1: were able to leverage our global footprint and global scale 99 00:05:09,720 --> 00:05:12,400 Speaker 1: to bring what customers are looking for. You know, you 100 00:05:12,440 --> 00:05:14,960 Speaker 1: mentioned electrification. You know it's been a great month for US. 101 00:05:15,040 --> 00:05:18,280 Speaker 1: Equinox isn't our only story the Bolt EV. We just 102 00:05:18,640 --> 00:05:22,440 Speaker 1: introduced two significant pieces of news. First and foremost, here's 103 00:05:22,480 --> 00:05:26,520 Speaker 1: the first affordable long range electric vehicle two hundred and 104 00:05:26,600 --> 00:05:30,599 Speaker 1: thirty eight miles on all electric at a price under 105 00:05:30,640 --> 00:05:33,640 Speaker 1: thirty thousand after federal tax credits. And so when you 106 00:05:33,680 --> 00:05:37,480 Speaker 1: think about electrification, Chevrolet as a pioneer in that space, 107 00:05:37,640 --> 00:05:39,800 Speaker 1: just as we've been a pioneer when it comes to 108 00:05:39,880 --> 00:05:44,040 Speaker 1: things like crossovers support utilities. So, Steve, they just want 109 00:05:44,080 --> 00:05:46,000 Speaker 1: to break in because get your quick thought here, because 110 00:05:46,040 --> 00:05:49,919 Speaker 1: you mentioned the Vault to the Bolt, I beg your pardon. 111 00:05:50,440 --> 00:05:53,000 Speaker 1: It's got a single pedal option. What is that about? 112 00:05:53,120 --> 00:05:56,400 Speaker 1: Give you about thirty seconds. Well, yeah, it's called one 113 00:05:56,440 --> 00:05:59,000 Speaker 1: pedal driving. And essentially what it does is, now the 114 00:05:59,080 --> 00:06:01,440 Speaker 1: vehicle does come with two pedals, but what one pedal 115 00:06:01,520 --> 00:06:04,000 Speaker 1: driving allows you to do is to capture some of 116 00:06:04,000 --> 00:06:07,560 Speaker 1: that wasted energy during traditional breaking and actually feed that 117 00:06:07,680 --> 00:06:09,880 Speaker 1: back into the battery pack. So it's one of a 118 00:06:09,960 --> 00:06:12,600 Speaker 1: number of things we've got to even increase the efficiency 119 00:06:12,720 --> 00:06:15,840 Speaker 1: and range of an all of her vehicle. All right, 120 00:06:16,480 --> 00:06:20,520 Speaker 1: Steve Maduros, thank you so very much for joining us today. 121 00:06:20,720 --> 00:06:27,039 Speaker 1: Big announcements for GM out in Chicago tonight Steve Maduros 122 00:06:27,160 --> 00:06:31,880 Speaker 1: is US director Chevrolet Cars and Crossovers. Want to thank 123 00:06:31,960 --> 00:06:35,040 Speaker 1: him for joining us. Want to thank Mark Sanscuci, our 124 00:06:35,120 --> 00:06:38,880 Speaker 1: producer today and Reggie Basil, our technical director as well. 125 00:06:39,040 --> 00:06:42,320 Speaker 1: I'm Kathleen Hayes along with Pim Fox and this is 126 00:06:42,360 --> 00:06:42,920 Speaker 1: Bloomberg