General Motors (GM) is discontinuing the Chevrolet Bolt, despite the car being its most popular electric vehicle. Production is slated to cease by the end of the year.
The Chevy Bolt's surprise retirement announcement came during GM's earnings call on Tuesday. Though GM's assembly plant in Orion, Michigan will continue to make electric vehicles, it will turn its attention toward pickup trucks GMC Sierra and the Chevy Silverado. General Motors expects to eventually produce 600,000 electric trucks in the U.S. annually.
Considering the comparative popularity of the Chevrolet Bolt, GM's decision to cease production seems strange on the face of it. Initially released in late 2016, the Bolt was one of the first long-range electric vehicles targeted at the average driver, and soon became the best-selling electric car in the U.S. that wasn't Tesla-branded(opens in a new tab).
In a letter to investors, GM Chair and CEO Mary Barra stated that the company delivered over 20,000 EVs in Q1 and had increased its EV market share by eight percentage points, crediting this to "the third consecutive quarter of record Chevrolet Bolt EV and Bolt EUV deliveries and rising Cadillac LYRIQ sales."
The death of the Bolt could open up the opportunity for competitors such as Nissan to claw back some of that market share via offerings such as the Nissan Leaf. GM also reported an 18.5 percent drop in profits in Q1(opens in a new tab), with its stock subsequently sliding by over three percent in the wake of the announcements.
The company isn't retreating from the affordable EV market or its goal of an "all-electric future" though, turning to the Ultium battery-powered Equinox EV to take the Chevy Bolt's place.
"As the company continues to grow it’s [sic] 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," a GM spokesperson said in a statement to Mashable. "Chevrolet will launch several new EVs later this year based on the Ultium platform in key segments, including the Silverado EV, Blazer EV and Equinox EV.
"The Bolt EV passes the baton to the new Ultium-EV technology of General Motors. The all-new 2024 Equinox EV competes in the largest and one of the industry’s most competitive segments. Based on current competitive offerings, it is expected to be one of the most affordable EVs in its class. Equinox EV launches this fall."
Though the Chevrolet Bolt is undeniably popular compared to GM's other electric vehicles, it isn't without its issues. Almost 69,000 Chevy Bolts were recalled in 2020 due to their batteries posing a fire risk. The recall was expanded the very next year, extending to over 141,000 vehicles(opens in a new tab) across model years 2017-2022.
Still, after smoothing out such issues, the Bolt offered a comparatively low-cost option for drivers keen to get behind the wheel of an electric car.
UPDATE: Apr. 28, 2023, 12:39 p.m. AEST This article has been updated with a statement from GM.
