GM reshuffles the rank of cheapest electric vehicles in the US by axing Chevy Bolt

GM will stop production of America's cheapest electric vehicles - the Chevy Bolt and Bolt EUV - at the end of this year, making space for assembling electric pickup trucks on their production lines in Orion Township, Michigan. While costing a bit over US$20,000 with federal subsidies before the Model 2 is even a twinkle in Tesla's eye, GM's modern EV pioneer relies on older battery technology and was plagued by expensive recalls.

General Motors is now moving to dedicated EV platforms with new battery technologies, while the Chevy Bolt was getting a bit long in the tooth. Its sales were sluggish and GM will be retooling its Michigan factory to make the sought-after and profitable electric pickups.

During the latest quarterly investor call, GM's CFO Paul Jacobson mentioned that while the automaker is trimming costs, demand remains very robust. Apparently, buyers are ready to pay US$50,263 for a new vehicle on average, up from the same Q1 period of last year.

GM made US$3.8 billion in profit in the quarter on revenue of US$40 billion, buoyed by a record revenue from North America where buyers can't seem to get enough of its big Escalades or Sierras. The Bolt duo has thus been given the portfolio axe to make room for larger, modern electric vehicles on the Ultium platform, of which GM will have seven models by the end of this year.

When the Chevy Bolt EUV is gone, VW ID.4 may become the cheapest compact SUV in the US, depending on how GM prices the Equinox replacement of the Bolt, as the ID.4 now starts from US$31,495 after the federal tax credit. Ditto for the smaller Bolt, whose market niche may remain largely empty until Tesla's rumored 2024 Model 2 or other mass market EVs like the 2025 VW ID.2all hit the showrooms.

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