The current Bolt and Bolt EUV debuted back in 2021. They have been a hit. GM sold 38,000 of them last year, a 53.5% jump. They are on pace to double that tally in 2023. With a solid 259 miles of range, reasonable performance and price tags starting below $30,000 (not counting the federal tax credit they are also eligible for), the Bolt and Bolt EUV are the best-value EVs on the market.
So, naturally enough, Chevy is killing the Bolt and Bolt EUV at the end of 2023. Here’s why.
The Bolt is not a money-maker for GM
The Bolt was an investment in building an EV ecosystem. Early reports had GM losing $9,000 per vehicle sold. Recalls have been costly. We don’t have the exact figures. But it’s safe to say that the Bolt and Bolt EV are not mission-critical (and may even be mission-detrimental) to GM turning a profit on EVs by 2025.
The Bolt is also really dated
GM has been launching an onslaught of new EVs on its next-gen Ultium platform. The ultimate goal of Ultium (I’ll show myself out) is to make building EVs cheaper with better battery technology, shared components and simplified production. The Bolt and Bolt EUV still use a modified, bespoke platform from 2016 with costly batteries.
GM needed the plant for other EVs
The Bolt and Bolt EUV are built at GM’s Orion Assembly plant in Michigan. GM had already announced plans to retool that plant to ramp up production of the Chevy Silverado EV and GMC Sierra EV pickups in 2024. That same consideration killed the car journalist-beloved Volt hybrid.
What will replace the Chevy Bolt? Meet the Equinox EV
Chevy does have an entry-level replacement for the Bolt and Bolt EUV coming with the Ultium-based Equinox EV. It arrives in Fall 2023. It will be a little bigger and more stylish. It will start at around $30,000. GM is estimating a maximum range of 300 miles. And it can add around 70 miles of range on a DC fast charger.
But the Bolt nameplate could return at some point
During a Marketplace interview, General Motors CEO Mary Barra was asked about GM’s plans to kill off the Chevy Bolt. She hinted at (but did not confirm) plans to replace the Bolt EV with an Ultium-powered vehicle to slot below the Equinox.
“Bolt is something that has built up a lot of loyalty and equity,” Barra said. “I can’t say more because I don’t discuss future product programs. But, you know, it was primarily a move from a second generation to a third generation. But that’s (an) important vehicle in our portfolio.”
