Summary:
General Motors CEO Mary Barra announced on Tuesday that the company plans to cease production of its electric Chevrolet Bolt models by the end of 2023, as revealed during the company’s Q1 earnings today, reports CNBC.
The Chevrolet Bolt EV and EUV, which currently make up the majority of GM’s electric vehicle sales, employ an older battery design and chemistry compared to GM’s newer vehicles, such as the GMC Hummer and Cadillac Lyriq, which utilize the company’s Ultium architecture.
Barra stated that a suburban Detroit plant that has produced Chevy Bolts since 2016 will be retooled in preparation for the production of electric Chevy Silverado and GMC Sierra trucks scheduled for next year.
The decision comes at a time when the Bolt is experiencing record production and sales, which was GM’s initial goal for mass-market consumers.
GM has plans to produce over 70,000 Bolt models this year and aims to sell more than 400,000 EVs from early 2022 through mid-next year in North America.
However, Bolt sales have not met the expectations of many executives, and the model has faced setbacks, such as a recent recall due to a supplier-related battery issue causing several fires.
“When the Chevrolet Bolt EV launched, it was a huge technical achievement and the first affordable EV, which set in motion GM’s all-electric future,” said Cody Williams, a Chevy spokesman. He added, “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.”
With the retooling of the Orion, Michigan plant, employment is expected to nearly triple, and the company plans to build 600,000 electric trucks annually. GM aims to reach a production capacity of 1 million EVs annually in both the U.S. and China as it works to compete with industry leader Tesla.
