The following-gen Chevy Bolt EV is due out subsequent 12 months after GM ended manufacturing of its top-selling electrical mannequin on the finish of 2023. GM’s CFO Paul Jacobson says the brand new Bolt EV will save the corporate billions by changing into North America’s first Ultium-based mannequin to make use of LFP batteries.
After EV lovers like myself have been disenchanted to be taught GM deliberate to discontinue the electrical Chevy Bolt EV final 12 months, GM’s CEO Mary Barra revealed a next-gen mannequin was within the works.
Throughout a media name final July, Barra revealed the Bolt EV will dwell on as an Ultium-based mannequin, claiming it can streamline manufacturing.
GM’s chief mentioned the brand new Bolt EV will present “a fair higher driving, charging, and possession expertise.” One of many largest would be the introduction of LFP batteries.” As the primary Ultium EV to make use of LFP batteries, the brand new mannequin is predicted to drastically decrease prices.
Barra additionally confirmed the brand new electrical mannequin shall be revealed subsequent 12 months. On the Automotive Press Affiliation in Detroit (through Automotive Information), Barra mentioned, “That’s been one thing that has been actually nice this 12 months, and that knowledgeable the choice that we’ll have that again once more in ’25.”
Though GM was disenchanted with the manufacturing of Ultium fashions in 2023, the corporate has made “substantial enhancements,” in line with Barra.
GM’s new Bolt EV to save lots of firm billions
Throughout an interview for the Each day Drive podcast, Jacobson acknowledged that GM hasintroduced higher-priced Ultium fashions up to now.
Nevertheless, Jacobson mentioned GM is “conscious” of the rising want for reasonably priced EVs. That’s a giant purpose why GM is reviving the Bolt reasonably than growing a brand new lower-cost EV platform.
Jacobson claims the transfer will save GM billions of {dollars}. By streamlining the Bolt with its Ultium-based fashions and including LFP batteries (the primary Ultium EV in North America), GM’s monetary chief mentioned the mannequin will assist GM obtain a optimistic variable revenue by the second half of the 12 months.
“We’ve bought a longtime model,” Jacobson mentioned, referring to the Bolt. “We’ve bought a very good product that clients love. We will notice a number of the efficiencies of the Ultium platform utilizing LFP chemistry and know-how and make it extra worthwhile for us and considerably enhance the enterprise case for it.”
Though GM plans to provide 200,000 to 300,000 Ultium EVs this 12 months, a software program high quality challenge resulted in a stop-sale on the highly-anticipated Chevy Blazer EV.
Chevy issued the stop-sale in December, solely 4 months after opening orders. Over two months later, gross sales are nonetheless suspended.
Earlier this month, Barra mentioned 2024 is the “12 months of execution.” Plans embrace resetting EV manufacturing, relaunching Cruise, and eventually fixing the software program high quality points halting output.
Electrek’s Take
GM expects to see large outcomes from the brand new Ultium-based EV due out subsequent 12 months. Within the meantime, the automaker must get again on monitor.
The Chevy Bolt EV accounted for over 82% of GM’s passenger EV gross sales final 12 months, with over 62K fashions bought. GM has already delayed manufacturing of its promised reasonably priced electrical substitute, the Equinox EV.
Chevrolet confirmed earlier this month the bottom Equinox EV will begin on the promised $35,000 worth. The model expects it to be essentially the most reasonably priced EV in its phase underneath $35,000 with as much as 319 miles vary.
The model additionally expects it to qualify for the $7,500 federal tax credit score, chopping the beginning worth doubtlessly as little as $27,495.
In the meantime, with the bottom mannequin not anticipated to start manufacturing till later this 12 months, GM plans to fill the hole with hybrid fashions. The transfer may set GM behind rivals like Hyundai and Volvo, that are doubling down on EVs within the US.
Whereas GM’s monetary chief says abandoning a seperate low-cost EV platform will put it aside billions, Ford’s CEO Jim Farley revealed the automaker has been “secretly growing” an reasonably priced EV platform of its personal.
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