Trucks are not usually known for fuel economy. However, with market competition fierce and prices at the pump near all-time highs, automakers are looking to boost their brands any way possible.
On Monday, General Motors (NYSE:GM) said its latest Chevy Silverado has a 23-miles-per-gallon rating on the highway. That edges the truck, which comes with a 5.3-liter V8 engine, above other rivals in its class, the Associated Press noted.
The new Silverado will begin reaching dealers by early summer. The Silverado competes with similar trucks from Fiat’s (PINK:FIATY) Chrysler and Toyota (NYSE:TM). GM is hoping that the Silverado can surpass sales of Ford‘s (NYSE:F) class-dominating F-Series trucks.
While Ford has promoted the fuel economy of its V-6 EcoBoost engines, the new Silverado’s V-8 engine delivers slightly more miles per gallon, though horsepower and torque fall slightly below Ford’s.
In January, GM said that it is in discussions with Japanese automaker Isuzu (PINK:ISUZY) to jointly produce a new line of trucks.
Shares of both GM and Ford climbed more than 1% in Tuesday morning trading.