GM to Stop Chevy Bolt EV and EUV Production by Year-End!
During an earnings call on Tuesday, GM CEO Mary Barra announced that General Motors intends to halt the production of the Chevrolet Bolt EV and EUV by the end of 2023. Instead, the company will allocate the capacity at its assembly plant in Orion Township, Michigan to manufacture electric trucks from 2024 onwards. This move will impact affordable EV ownership since the Bolt is currently one of the most reasonably priced electric vehicles on the market, with a starting price of nearly $24,000, which could be further reduced with the $7,500 EV tax credit.
GM's Chevrolet Bolt EV and Chevrolet EUV models were built on an outdated BEV2 platform, putting them at a disadvantage.
Chevrolet Bolt EV was the first affordable electric vehicle and a significant achievement for GM's electric future. The company is now expanding its electric vehicle portfolio with the Ultium platform and constructing the Orion Township assembly plant to start battery electric truck production in 2024. However, Chevy confirmed that production of Bolt EV and EUV would end later this year.
The automaker has now shifted to its new Ultium battery architecture for its next-gen EVs, including the Cadillac Lyriq, Hummer EV, and GMC Sierra EV.
The company plans to focus on expanding its EV portfolio with the Ultium platform. The decision was made as the Orion Township assembly plant prepares for the production of battery electric trucks in 2024. The compact hatchback's size is not popular with American car buyers who prefer larger SUVs and trucks. Also, the recall of 2017-2019 model year Bolts due to a problematic battery that made the vehicle prone to fires has also hurt sales.
GM has announced that the Chevy Equinox EV will replace the Bolt as its most affordable plug-in model. The midsize SUV is expected to have a range of up to 300 miles and will be released later this year at a starting price of around $30,000.
Chevy is also planning to release three new Ultium-built EVs: the Silverado EV, Blazer EV, and Equinox EV. To become the leading EV company globally, GM has set aside $30 billion to create 30 new plug-in models by 2025.
Tesla currently dominates the small EV market in the US with a market share of approximately 66 percent, while GM only holds a small share of about 6 percent.
