General Motors Teases It Will Revive Popular Tesla Rival EV
GM's most popular electric vehicle might only be discontinued for a short period of time.
Tesla (TSLA) - Get Free Report CEO Elon Musk has worked diligently trying to keep his electric vehicle brand affordable, while offering some of the most technologically advanced and appealing EVs on the road.
The Austin, Texas EV maker's lowest priced EV, according to its website, is the Model 3 RWD at $32,740 manufacturer's suggested retail price, which is pre-tax and after the $7,500 federal tax credit. Tesla is set to release its new Cybertruck in the third quarter, which is expected to be over $40,000.
Forget Tesla – We’re all-in on this EV stock
Tesla competitor BMW's (BMWYY) Mini Cooper SE Hardtop has a MSRP at $30,900, according to the company's website, and Nissan's (NSANY) Leaf EV has a $28,040 MSRP.
When General Motors (GM) - Get Free Report released the Chevy Bolt in 2017, it became the second best selling electric vehicle that year behind the Tesla Model S. It was also named the 2017 Motor Trend Car of the Year, 2017 North American Car of the Year, Automobile magazine 2017 All Star and was listed among Time magazine's Best 25 Inventions of 2016.
GM
Chevy Bolt Affordable EV
The 2023 Chevy Bolt has been the most affordable electric vehicle on the market with a manufacturer's suggest retail price beginning at $26,500. GM's plan was to increase production from about 44,000 Bolts in 2022 to 70,000 in 2023. Bolt sales in 2021 were 24,828. But instead, the company slammed the brakes on manufacturing Bolts.
In April, Cody Williams, senior manager, for communications at Chevy, said in a statement that GM would discontinued the Bolt.
“As the company continues to grow it’s EV portfolio with the Ultium platform, and as construction continues at the Orion Township, MI, assembly plant in preparation for battery electric truck production beginning in 2024, Chevrolet confirmed Bolt EV and EUV production will end late this year.”
GM's CEO Mary Barra said in the company's April earnings call that when GM's Orion assembly plant reopens in 2024 and reaches full production capacity, jobs will nearly triple there and the company will be able to build 600,000 electric trucks per year.
"We'll need this capacity because our trucks more than measure up to our customers' expectation, and we'll demonstrate that work and EV range are not mutually exclusive terms for Chevrolet and GMC trucks," Barra said. "So stay tuned."
GM Might Soon Bring Back Chevy Bolt
Barra in a June 8 NPR interview hinted that the iconic automaker might soon bring back its popular Chevy Bolt EV under its third generation battery technology after recently saying it will discontinue its second generation battery model, Electrek reported.
In the interview, Barra said she had been driving a Bolt EUV for several months, but GM was discontinuing the second generation battery as the company was converting its EVs to its third generation Ultium for a 40% reduction in battery costs.
"...And we’re leveraging the names of our vehicles that are well understood and known in industry," Barra said. "People, you know, who drive an Equinox today will understand what an Equinox EV, what that delivers to them. But, you know, Bolt is something that has built up a lot of loyalty and equity. So I can’t say more because I don’t discuss future product programs. But, you know, it was primarily a move from second generation to third generation. But that’s [an] important vehicle in our portfolio."
With those careful words, fans of the Chevy Bolt can expect the company to come back with an updated Bolt maybe several months after discontinuing it later this year.
Source: TheStreet
