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What happened at Zillow? How a prized real estate site lost at iBuying


What happened at Zillow? How a prized real estate site lost at iBuying

Zillow, the popular online real estate marketplace and daydream fuel throughout the pandemic, is having a tough time. 

The company turned heads earlier this month when it announced it would be shutting down Zillow Offers, the algorithm-fueled home-flipping arm of its company. It also said it would try to offload more than 7,000 homes and exit the iBuying -- or "instant buying" -- business completely. That's $2.8 billion worth of homes. 

The announcement came as a major surprise, especially given the scale of Zillow's massive investments in its iBuying efforts in recent years. Its exit was precipitated by a series of missteps, including an overbuying fiasco that resulted in a glut of overpriced inventory. 

Now, according to an Insider analysis, more than half of the homes Zillow owns are listed for prices below what the company paid for them. In Phoenix, 93% percent of the homes Zillow purchased are listed for less than the original purchase price, and in Dallas, 81% are less. 

What is iBuying anyway?

To do iBuying, tech companies rely on algorithms to determine if it would be profitable to purchase a home to then resell. Using specific data -- the home's age, condition and ZIP code -- algorithms can predict which homes will rise in value, allowing the tech company to get into an emerging market early. Think of it like large-scale, automated home-flipping. 

If you're a homeowner, there may be a benefit to using an iBuyer to sell your home. For one, the process is streamlined over the traditional method: You don't have the stress of dealing with a real estate agent, showings or the uncertainty of the market. You'll get an immediate all-cash offer based simply on the algorithm's assessment of your home's data, though the tradeoff is a smaller profit margin. 

What went wrong at Zillow?

As an iBuyer, Zillow relied on these computer calculations to buy houses in decent condition on the cheap, spend minimal capital fixing them up and quickly resell them for a profit. Sound too good to be true? For Zillow, it was. The company ended up making thousands of above-market offers to homeowners. 

Zillow attributed the mishap to its technology, blaming its iBuying algorithms -- called "Zestimates" -- for inaccurately predicting the values of homes. Given surging prices and high real estate volatility in the last 18 months, it was a tricky undertaking in the first place. 

As homes appreciated at a rapid pace during the COVID-19 pandemic, Zillow's iBuying algorithms consistently and significantly underestimated market changes. That's what eventually led the company to shut down its instant-buying business for good. The real estate giant is set to lose an estimated $380 million on Zillow Offers, according to the LA Times.

"The challenge we faced in Zillow Offers was the ability to accurately forecast the future price of inventory three to six months out, in a market where there were larger and more rapid changes in home values than ever before," said Viet Shelton, a spokesperson for the company.

The company also said it will write off $569 million worth of homes and lay off 25% of its staff. Though the future is unclear for some of Zillow's languishing inventory across the country, there's reason to believe that institutional investors could win out in snatching it up. The company has agreed to sell 2,000 units to New York City-based investment firm Pretium Partners.

Zillow has said it intends to honor all existing deals for homes under contract. 

What do Zillow's problems mean for iBuying? 

Other competitors seem to have figured out the iBuying formula's secret sauce and are going strong. Two of Zillow's rivals, Opendoor and Offerpad, both posted new revenue highs for the third quarter, though neither company is profitable yet. Private equity firms like Blackrock have made headlines for their investments in instant buying. 

Though Zillow is no longer in the game, iBuying seems to be here to stay. 


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Xiaomi Redmi Note 3 review: Big, cheap and comfortable


Xiaomi Redmi Note 3 review: Big, cheap and comfortable

I've always been a big fan of Xiaomi's phones and the Redmi Note 3 is no exception, but also may now be my new favourite. That's partly because of the phone's classy metal body (upgraded from plastic on previous models) and partly because of its low price (around $220, £150 and AU$290, respectively). But it's mostly because Xiaomi has turned out a quality product that fits well into my lifestyle. However, if you're outside of Asia, you'll have to work some online magic to get the phone, and it may not work as swiftly with your carrier if it doesn't support your network's bands, so you'll need to check.

Budget phones usually skimp on storage space, but not the comfortable, 5.5-inch Redmi Note 3. This guy comes with 32GB, and if you need more, you can use one of the phone's dual-SIM slots as a microSD card slot for up to an additional 32GB of storage. Gaming performance was great; I loved the smooth framerates on Asphalt 8 and when switching between apps and sending emails, I rarely experienced any noticeable delay. The Note 3's non-removable battery lasted nearly-14 hours in our video looping battery test; a respectable number for the vast majority of phones.

Software wise, Xiaomi's usual MIUI skin runs over the Android 5.1 Lollipop operating system. Since all the app icons spread out across multiple home screens, it looks like a mix of Android and iOS. But other cool features, such as the ability to quickly move all the apps on one screen to the next, and weekly security updates, help make up for the atypical layout. While it isn't standard Android, MIUI does a great job making the phone easy to use, especially with a "Lite mode" which simplifies the interface for not so tech-savvy types.

The phone still uses physical keys instead of onscreen menu buttons.

Aloysius Low/CNET

Now, if there's one thing that I downright didn't like, it's the Redmi Note 3's lackluster camera. It's slow and lacks Auto HDR (high dynamic range), which meant I had to manually turn this mode on. It also had some exposure troubles, which resulted in slightly darker images unless you adjusted the exposure setting yourself before shooting. Neither is a deal-breaker, but they did knock down my experience a few pegs.

While it's a bit heavier than your typical flagship phones, the Redmi Note 3 is still comfortable to hold, and after switching back to my daily phone, I missed having the Note 3's rear-mounter fingerprint sensor. Truly, for the price, it's an excellent budget phone at any size. If you can find it, get it.

Performance benchmarks

Xiaomi Redmi Note 3 18,002 1,532 3,651 ZTE ZMax 2 4,369 479 1,378 Huawei Honor 5X 7,719 702 3,130
  • 3DMark Ice Storm (unlimited)
  • Geekbench 3 (single-core)
  • Geekbench 3 (multi-core)
Note: Longer bars indicate better performance

Xiaomi Redmi Note 3 vs ZTE ZMax 2 vs Huawei Honor 5X

Xiaomi Redmi Note 3 Huawei Honor 5X ZTE ZMax 2
Display size, resolution 5.5-inch; 1,920x1,080 pixels 5.5-inch; 1,920x1,080 pixels 5.5-inch; 1,280x720 pixels
Pixel density 401ppi 401ppi 267ppi
Dimensions (Inches) 5.91x2.99x0.34 in 6x3x0.32 in 6.06x2.99x0.37 in
Dimensions (Millimeters) 150x76x8.7 mm 151x76x8.2 mm N/A (US-only)
Weight (Ounces, Grams) 5.78 oz; 164g 5.6 oz; 158 g 6 oz; N/A (US-only)
Mobile software Android 5,1 Lollipop Android 5.1 Lollipop Android 5.1 Lollipop
Camera 16-megapixel 13-megapixel 8-megapixel
Front-facing camera 5-megapixel 5-megapixel 2-megapixel
Video capture 1080 HD 1080p HD 1080 HD
Processor Quad-core 1.4GHz, dual-core 1.8GHz Qualcomm Snapdragon 650 1.5GHz quad-core Qualcomm Snapdragon 615 1.2GHz quad-core Snapdragon 400
Storage 32GB 16GB 16GB
RAM 3GB 3GB 2GB
Expandable storage 32GB Up to 128GB Up to 32GB
Battery 4,000mAh battery 3,000mAh (nonremovable) 3,000mAh (removable)
Fingerprint sensor Back cover Back cover None
Connector Micro-USB Micro-USB Micro-USB
Special features Dual-SIM card slots Dual-SIM card slots N/A
Price off-contract (USD) $220 $200 $100
Price (GBP) Converts to £150 Converts to £135 N/A (US-only)
Price (AUD) Converts to AU$290 Converts to AU$275 N/A (US-only)

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The Best Prime Video Fantasy Movies You Need to Watch


The Best Prime Video Fantasy Movies You Need to Watch

Prime Video's list of fantasy movies is sparse but at least you have Lord of the Rings! Whether you're looking for a brand new release or a classic from the vault, there's something everyone.

Check out some of the best fantasy movies below!

Read more: The Best Horror Movies on Prime Video

The best fantasy movies on Prime Video

New Line

Lord of the Rings: The Fellowship of the Ring

It's Lord of the Rings. It's the best. If you haven't watched it, time to watch it. The end.

All three of Peter Jackson's Lord of the Rings movies are currently on Prime Video. Must watch stuff, all of it.

Just don't bother with The Hobbit movies!

Paramount

Love and Monsters (2020)

This is one of those titles that really does what it says on the tin. Is there love? Yep. Are there monsters? You betcha. Love and Monsters was an underrated release that showcases Dylan O'Brien as a young man trying to reconnect with his high school girlfriend... after the end of the world, with a bunch of monsters between them.

Columbia Pictures

Groundhog Day

Groundhog Day is one of the most legendary comedies ever made and features -- depending on who you ask -- maybe Bill Murray's best performance ever.

But it's the high concept the film is truly famous for. Trapped in Groundhog Day, Bill Murray's character is forced to live the same day, over and over again. 

Amazon Prime Video

Cinderella (2021)

Starring Camila Cabello (and yes, James Corden as a giant rat), this Cinderella adaptation is a jukebox musical that is surprisingly enjoyable once you get past how in-your-face it is. It's a light-hearted time with a feisty Cinderella calling the shots.

Momentum Pictures

Dorian Gray (2009)

Adapted from Oscar Wilde's classic novel The Picture of Dorian Gray, this 2009 film tells the story of Dorian Gray (Ben Barnes) and the portrait he keeps hidden away, which becomes older and more tainted while he lives on in eternal youth. The film also stars Colin Firth as Lord Henry Wotton.

01 Distribution

Pinocchio (2019)

This Italian live-action Pinocchio is one that will stick with you long after you watch it. Starring Federico Ielapi as Pinocchio and Roberto Benigni as Geppetto, the film follows the story of young puppet boy Pinocchio and his quest to become a real boy. It gets dark at times, but it works.

Highlander Productions

Highlander (1986)

There can be only one... top spot on this list, that is. A classic fantasy adventure starring Christopher Lambert and Sean Connery, Highlander tells the story of an immortal warrior destined to fight other immortals in a secret, centuries-old war. It's one of those movies that has gained cult classic status -- it might not be the best, but it's worth it just to hear Lambert's undefinable accent.


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I Tried BeReal and It's Actually Kinda Fun


I Tried BeReal and It's Actually Kinda Fun

When I first heard of a new social media app called BeReal, I knew I had to try it. 

The app bills itself as the "anti-Instagram." It takes the basic concept of the 'gram -- an endless-scroll feed of your friends' slice-of-life photos -- and revamps it into something more gamified and (a little) less phony. Lately it's become wildly popular.

Here's how it works: Every day, at a random and unpredictable time, the BeReal app sends you and everyone else on the app a push notification: It's "Time to BeReal." You then have two minutes to take a photo simultaneously using both your front and back camera and post to the feed. If you don't post, you can't look at your friends' posts either. If you post late (or retake the shot several times to get the right angle), the app will rat on you to your friends. When the next day's notification comes in, everyone's previous photos disappear.

The gamification comes from BeReal's once-a-day posting restraint; the authenticity comes from the fact that you don't get to pick where or when you post, and you can't use a filter to smooth your skin or correct the color of your avocado toast or whatever.

It actually sounded a lot like Wordle to me: A two-minute break from your day to complete a fun little task on your phone before returning to the grind or the doomscroll or, most likely, one of your other social media apps. And crucially, like Wordle, BeReal can only be "done" once a day. 

What it's like to use BeReal

Three BeReal posts showing the Kentucky Derby on TV, the view from a balcony overlooking a courtyard, and a child in a high chair, with selfies overlaid.

A sampling of my BeReal posts.

Karisa Langlo/CNET

I started recruitment by putting feelers out in a couple of my existing group chats. I had a hunch the app would be more of a fun group activity than a true social feed, for the same reason I sometimes still exchange Wordle (or Worldle, Heardle, or Antiwordle) results over text but can't understand why anyone is still tweeting them.

Not being a member of Gen Z myself, I knew it would be difficult to convince enough friends to join me. My invites had about a 50% success rate. One friend couldn't get past the usual AI-training paranoia around novelty photo-sharing apps. Another friend: "This feels like a trap." My own spouse left me on read.

The friends who did take the bait began posting gamely, often photos of their laptops or cats or protein powder. More often than not, my own BeReal front camera photos were unflattering ones of my weary, grumpy face while my back camera captured my son smearing ketchup around his highchair tray. Once, I posted the same view from my balcony that a dinner guest Instagrammed (and filtered the heck out of). Hers definitely looked better.

You can't technically win BeReal like you can Wordle, but I soon came to understand the particular satisfaction of achieving the trifecta: capturing an interesting tableau, taking a flattering selfie and posting it all on time. There's an element of luck, too, if you happen to be somewhere cool when it's time to be real and not on your couch or, as one of my friends feared, on the toilet.

"Hoping that I get the notification during my exciting moments and not when I'm pooping," he texted me one day. The daily anticipation around when it would arrive, he added, is "like a Jack in the box."

Phone with 2 minute notification from BeReal app

BeReal notifies you every day at a random time, with only two minutes to post a photo.

Sarah Tew/CNET

I "lost" BeReal several times: when the notification arrived after I'd gone to bed, was presenting during a camera-on Zoom meeting or was driving on the highway. But I totally won on the day the two-minute window coincided with the "greatest two minutes in sports," and I got a snap of my Kentucky Derby fascinator and Rich Strike crossing the finish line on TV.

Read more:  After Today's Wordle, Try These 21 Other Puzzle Games

How real is BeReal, really?

Of my BeReal friends, 100% have plans to delete the app after this article publishes. They all took issue not with the app's spurious claims to authenticity but with its demands on their time.

"Getting the alert, especially during the workday or at night when I wouldn't normally be taking photos or posting anything, was a little stressful," one friend said.

"This app kind of highlights that ideally I want control over social media and not the other way around," another friend told me. 

"I felt a little guilty if I didn't post every day," a third admitted.

If Wordle tried to dictate what time we all solved the puzzle every day, would the masses have turned on it by now? (Look what happened to HQ Trivia.) 

But I'm personally more interested in the "Real" than the "Be."

The vibe on BeReal is actually more nostalgic than authentic. More early-Instagram than anti-Instagram. My favorite part of BeReal was the permission – nay, obligation – to post goofy selfies and capitulate to the adolescent egocentrism that still lurks beneath my now over-orchestrated grid. People don't give a crap what I ate for lunch, but I want them to know, dammit! One of my first Insta posts was just a photo of some Finger Hands finger puppets I found at a joke shop and thought were funny, and I miss posting stuff like that. 

There doesn't seem to be an appetite on Instagram anymore for the detritus of daily life. Instead of Instagramming the places we visit, we now just visit Instagrammable places. Whereas Instagram has been taken over by influencers and "creators" posting Reels and memes, BeReal takes a different tack, as stated in its app store listing: "If you want to become an influencer you can stay on TikTok and Instagram."

Then again, "casual posting" and photo dumps are enjoying some popularity as the pendulum swings in favor of a rawer aesthetic. And many of the memes clogging my Insta feed are of the behind-the-scenes, "Instagram vs. Reality" persuasion. Plus, maybe the ephemerality and informality of Stories already kind of satiates that desire for the "real." 

When you think of it that way, BeReal is more of a gimmick than a harbinger of social media change. And that's a shame, because even if no one on this side of 30 agrees with me, I kinda love it! Like Snapchat or TikTok, maybe it'll eventually be subsumed or reproduced within Instagram itself as an optional feature. 

Or like Wordle, maybe it's nothing more than a digital curiosity that we'll one day describe as "fun while it lasted." 


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BTS taking a break: Band plans 'official extended period of rest'


BTS taking a break: Band plans 'official extended period of rest'

Hugely popular South Korean band BTS is taking a break. In a statement issued Sunday, the group's management team, Big Hit Music, said members are planning an "official extended period of rest" after an exhausting 2020 and 2021.

"This period of rest will provide the members of BTS, who have tirelessly committed themselves to their activities, a chance to get re-inspired and recharge with creative energy," the statement read. "It will also be the first time for them since their debut to spend the holiday season with their families."

But the statement gave fans something to look forward to.

"During their period of rest, BTS will be focusing on preparing for the concert and release of the new album that will mark the beginning of a 'new chapter,'" the statement read.

In September, the group spoke at the United Nations in New York, and also shared a new video of their song Permission to Dance, which was filmed at the UN. They were introduced there by South Korea's President Moon Jae In.

The group's second English-language single, Butter, ruled Billboard's songs of summer chart for 2021.


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AT&T's Latest 5G Midband Network Will Support More of Its Older Devices


AT&T's Latest 5G Midband Network Will Support More of Its Older Devices

AT&T is updating its list of devices that will be capable of connecting to its latest 5G midband networks. After originally saying that it might only enable support for its new 3.45 GHz network on some of the latest and greatest 2022 devices, the nation's third-largest carrier now tells CNET it will bring support for the spectrum to all of its devices that currently support its C-band spectrum. 

That list as of press time consists of over 30 products, including all 5G iPhones going back to 2020's iPhone 12 line, the Samsung Galaxy S21 and S22 lines and Google's Pixel 6 and 6 Pro

Other devices on the list include Samsung's foldable phones (Z Flip 3 and 4 along with Z Fold 3 and 4), Apple's 5G iPads and a variety of budget phones from Motorola (G Stylus 5G, 2021 G Stylus and 2022 Moto G 5G) and Samsung (A53 5G, A13 5G). Samsung's Galaxy Tab S8 FE 5G tablet, Netgear's Nighthawk M6 and M6 Pro hotspots will also gain support for the new spectrum. 

The carrier would not give an exact timeline for when the software updates will be rolled out, but according to Chris Sambar, AT&T's executive vice president of network, they should arrive "by the end of the year." 

When you consider that the carrier has increasingly been offering deals incentivizing users to upgrade to 5G devices on 36-month installment plans, extending support to older devices like 2020's iPhone 12 will be important for allowing those locked into a device payment plan to be better able to utilize more of AT&T's 5G network as it continues to expand.

This update will be particularly important for AT&T users as the 3.45 GHz spectrum will help make up AT&T's midband 5G footprint. The carrier spent $9.1 billion on this spectrum, and together with similar C-band airwaves it acquired last year, it aims to cover 200 million people with these midband 5G networks by the end of 2023. 

AT&T says that both the C-band and the 3.45GHz frequencies can work together, allowing the company to offer better performance than if it were relying solely on C-band. Sambar notes that while not every cell site will have access to both 3.45GHz and C-band, the "majority" will get both bands. 

When it comes to 5G, having midband spectrum is proving to be incredibly valuable. Although there are three different "flavors" of 5G (low-band, midband and a higher-frequency millimeter-wave), wireless service delivered over the midband spectrum offers the best combination of range and speed improvements. This is why all three major US operators have spent so much money acquiring and deploying network upgrades on these frequencies. 

In an interview with CNET, Sambar says that the carrier now covers over 80 million people with its C-band network and will strive to "approach" availability to 100 million people by end of this year. 

By comparison, rival Verizon already covers 100 million people with its C-band 5G network and aims to reach over 175 million people this year. T-Mobile, meanwhile, continues to lead the field with its midband coverage and reaches over 235 million people today, with goals for its midband 5G to be accessible to 260 million people by the end of 2022 and to 300 million by the end of 2023. 


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2023 Chevy Colorado Debuts With Turbo Power, New Tech and Off-Road Options


2023 Chevy Colorado Debuts With Turbo Power, New Tech and Off-Road Options

Chevrolet debuted the 2023 Colorado midsize pickup on Thursday, and from top to bottom, nearly everything about this truck is new. That's a good thing: The Colorado (and its GMC Canyon twin) was the old dog in the highly competitive midsize truck class, but a bunch of new tricks should help bring it back to the forefront again.

This story serves as a general overview of the 2023 Colorado lineup. If you're most interested in the off-road-focused Colorado ZR2, we have a separate story about that. Be sure to check out our midsize truck spec comparison, as well.

New design, three off-road trims

When the Chevy Colorado goes on sale in the first half of 2023, it'll be offered in five different trim levels. The base Work Truck (WT) will be the entry point, and from there customers can step up to the Colorado LT, Trail Boss, Z71 and ZR2.

Those last three all have varying levels of off-road capability, with the ZR2 being the most extreme. The Z71 is more of a rugged appearance package than anything else, while the Trail Boss has a 2-inch suspension lift, 3-inch wider front track and 32-inch all-terrain tires. The ZR2 ups the ante with a 3-inch suspension lift and sophisticated Multimatic DSSV dampers -- just like the ones used on the Silverado ZR2. We have more details about what separates these off-road trims in our Colorado ZR2 debut story.

Regardless of trim, every Colorado will be offered with the same Crew Cab and short-box configuration. The truck is a little larger in each dimension than before, and its wheels have the same bolt pattern as the larger Silverado pickup, opening the door for more options. Overall, the new look is pretty clean -- much better than the fugly Silverado, for sure -- and the Z71 and ZR2 models come with LED lighting.

A lot of trucks offer underfloor storage in the bed, but Chevy offers a similar solution inside the Colorado's tailgate. When the tailgate is down, you can open a compartment that measures 45 inches wide and 4 inches deep. It's also watertight and comes with a drain if you want to throw ice in there to use it as a cooler. This is standard on the ZR2 and optional on other Colorado models. Other functional bed bits include eight standard tie-down points with the ability to add nine more, and a midway-open function that can support up to 500 pounds, perfect for carrying longer objects.

The Trail Boss is like diet ZR2.

Chevrolet

One engine, three power levels

Every 2023 Chevy Colorado will be powered by a 2.7-liter turbocharged I4 engine, paired with an eight-speed automatic transmission. On WT and LT trims, rear-wheel drive is standard and four-wheel drive is optional, while Trail Boss, Z71 and ZR2 models come standard with 4WD.

Despite all trucks sharing the same engine, Chevy offers three different power outputs depending on trim. The base 2.7L Turbo is standard on WT and LT, while the 2.7L Turbo Plus is optional. The Z71 and Trail Boss come standard with the 2.7L Turbo Plus, and the most powerful 2.7L Turbo High-Output is reserved for the ZR2.

Engine specs


2.7L Turbo 2.7L Turbo Plus 2.7L Turbo High-Output
Power 237 hp 310 hp 310 hp
Torque 259 lb-ft 390 lb-ft 430 lb-ft
Max towing 3,500 pounds 7,700 pounds 7,700 pounds

Chevy will no longer offer the 2.8-liter turbodiesel I4 or 3.6-liter V6 engines in any Colorado. The automaker says electrification isn't in the cards for the Colorado, either.

Depending on the trim level, the Colorado has as many as five different drive modes. Normal is, well, normal, Tow/Haul changes the transmission shift points and throttle response, Off-Road makes further adjustments to the powertrain and traction control, Terrain is designed for low-speed rock crawling and Baja -- a ZR2 exclusive -- is all about high-speed desert running.

This looks so much nicer than the old Colorado.

Chevrolet

A nicer interior with lots of tech

The old Colorado's cabin was dumpy from the day it debuted, and thankfully, the new truck gets a fresh overhaul. Chevy says there are four new interior schemes with wrapped and stitched knee pads on the doors and center console (for some models). Other trims get neat contrast stitching, and cloth and leather upholstery choices will be offered. For the first time, Chevy will even offer the Colorado with a sunroof.

A big highlight of the Colorado's cabin is the standard 11.3-inch central touchscreen, running an updated version of Chevy's easy-to-use infotainment software. There are customizable pages, an off-road-specific display (altitude, roll, pitch, etc.) and built-in Google apps for maps, music and more. On top of that, all Colorados come with an 8-inch digital gauge cluster.

The 11.3-inch screen has a whole bunch of camera view options, with some specific to hooking up a trailer and towing, which also works with Chevy's smartphone trailering app. The Z71 and ZR2 even come with an underbody camera, so you'll be able to see big obstacles and (hopefully) prevent scraping the truck.

On the driver-assistance front, automatic emergency braking, forward-collision warning, front pedestrian braking, lane-keeping assist, lane-departure warning, automatic high-beam headlights and a following distance alert are standard across the board. Additional technologies like a 360-degree camera system, adaptive cruise control, rear pedestrian alert, rear cross-traffic braking and blind-spot monitoring are available, and Chevy will offer these systems as options on every trim level, even the base WT.

Even the base WT model comes with a digital gauge cluster and large infotainment screen.

Chevrolet

Coming next year

The 2023 Chevy Colorado will be built at General Motors' factory in Wentzville, Missouri. Production is expected to begin in early 2023, and Chevy says it will release final pricing and fuel economy data closer to that time.

As for the Colorado's fraternal twin, the GMC Canyon, you can expect a similar upgrade. GMC confirmed the new Canyon will have an AT4X trim similar to the Colorado ZR2, and the truck will make its debut this summer. In other words, we'll see it soon.


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