New Chevy Bolt will be cheaper to produce and with 'great range'
General Motors vowed to release a cheap Chevy Bolt EV with 'great range' and technological advancements compared to the previous generation that got deprecated earlier this year. While the exact price and release date of the new Chevy Bolt weren't detailed during GM's Q2 conference call, CEO Mary Barra confirmed that GM "will have more details to share soon."
According to GM, the new Bolt will be built on the upgraded Ultium platform and will come equipped with more user-facing features than its popular predecessor:
We are investing significantly less capital and expect to deliver vehicles that will have much higher levels of customer-facing content and even better margins than today. Another great example of a capital efficient program is the next generation Chevrolet Bolt that we plan to execute. Our customers love today's Bolt. It has been delivering record sales in some of the highest customer satisfaction and loyalty scores in the industry. It's also important source of conquest sales for the company and for Chevrolet, more than 70% of customers are new to GM. We will keep some momentum going by delivering a new Bolt that delivers what customers have come to expect, which is great affordability, range and technology and we will execute it more quickly compared to an all-new program and with significantly lower engineering expense and capital investment by updating the vehicle with Ultium and Ultifi technologies and by applying our winning with simplicity discipline. We will have more details to share soon.
GM axed the Chevy Bolt this spring, saying that it will stop producing it together with its Bolt EUV variant later this year, and will use the line to make electric pickups instead. While the Chevy Bolt has been one of the cheapest electric cars in the US, it will soon face modern mass market EVs like Tesla's upcoming Model 2 that it won't be able to compete with, given the older battery technology and platform it is built on.
A new Chevy Bolt on GM's dedicated Ultium platform should have a better chance in the upcoming mass market EV era, and GM may time it to appear before the Model 2 whose release was reportedly postponed for 2025.