yes, though I should point out I said it reads exhaust temp, which it does, the cobalt doesn't have an exhaust temp sensor and so it doesn't read it on the cobalt. I tried it on a Ford Escape and it read the exhaust temp from it. You can buy a kit for it to read exhaust temps though, you have to weld it in the pipe of course.
2006 Red Chevy Cobalt LT
mods: Kenwood DNX5140 Head Unit, HIDs, Halo headlights, LED taillights, Injen CAI, LSJ throttle body, 2.4L intake manifold, red interior LED's, TWM short shifter, custom fit red seat covers, red trim and door handles, SS gauge cluster, Racing Solution long tube header/downpipe, Corsa touring exhaust, lightweight crank and alternator pulleys, trifecta tune, 17" Motegi black rims