But, even though it isn't releasing fuel economy figures yet, GM is promising a more fuel efficient truck than any of the others.
The Colorado's base engine will be a 193-horsepower, 2.5-liter four-cylinder. There's also a 302-horsepower, 3.6-liter V6 available as an option. Both engines will come with 6-speed transmissions. A diesel engine will be offered later.
GM's also promising better technology features on the new Colorado.
"The customer is looking for a number of different things," GM spokesman Otie McKinley said. "We're going to stand tall in the competitive set."
Like it's larger sibling, the Silverado, the Colorado will have an eight-inch color touch screen inside the cab and a number of USB ports to connect and charge devices like iPods and phones. It will also offer safety features such as forward collision and lane departure warnings.
GM stopped producing the last-generation Colorado in 2012, but the development of its replacement had been delayed by the automaker's 2009 bankruptcy.
"This was a product we wanted to bring back and we wanted to bring back correct," McKinley said.