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General Motors CEO Mary Barra has decided to keep the Chevrolet Bolt, despite it not aligning with GM's long-term EV strategy. She has significantly bet on various electric vehicles, including the Chevrolet Silverado EV. These vehicles are meticulously designed to be electric, software-defined machines that can compete with or even surpass Tesla.
But the Bolt remains GM's top-selling and most affordable EV in North America. And her move sparked criticism of GM for seemingly abandoning an affordable EV in favor of more expensive models like the GMC Hummer EV, which starts at $80,000. GM is now planning to release a second-generation Bolt. Barra informed analysts that it would come equipped with a new and more efficient Ultium battery pack, which is projected to be 40% cheaper than the current Bolt's battery technology. GM will build upon existing foundations instead of creating an entirely new vehicle.
Barra emphasized GM's focus on "winning with simplicity" by preserving the Bolt without a complete overhaul. The Bolt's affordability has been integral to its success, with a starting price of $27,495 before federal and state EV subsidies. However, Barra did not disclose the price or production location of the new Bolt.
Tesla's Model 3 and Model Y outsell the Bolt in the United States by roughly four to one ratio. Despite this, the Bolt has been a cornerstone of GM's EV sales in North America. In the first half of this year, GM sold 33,659 Bolts, surpassing the sales of Ford's Mustang Mach-E, Hyundai's Ioniq 5, and other EVs from established automakers.
Bolt sales bounced back after a six-month production halt to address battery fire issues. As a result, GM is allocating approximately $800 million to cover the recall costs. To date, the Bolt accounts for over 90% of GM's EV sales, as the production of GM's purpose-built Ultium-based EVs has been hindered by challenges at the company's newly established battery plant in Ohio.
While one of GM's Mexican assembly plants is a strong candidate to manufacture the new Bolt, the company may also consider offering it to a Michigan-area plant as negotiations with the United Auto Workers union begin. These developments illustrate GM's commitment to the EV market, balancing simplicity, affordability, and technological advancements.
Photo: Chevrolet Pressroom
