General Motors (GM) is discontinuing the Chevrolet Bolt, despite the car being its most popular electric vehicle. Production is slated to cease by the end of the year.
The Chevy Bolt’s surprise retirement announcement came during GM’s earnings call on Tuesday. Though GM’s assembly plant in Orion, Michigan will continue to make electric vehicles, it will turn its attention toward pickup trucks GMC Sierra and the Chevy Silverado. General Motors expects to eventually produce 600,000 electric trucks in the U.S. annually.
2022 Bolt EUV test drive: Slick electric SUV with truly hands-free driving (unlike Teslas)
Considering the comparative popularity of the Chevrolet Bolt, GM’s decision to cease production seems strange on the face of it. Initially released in late 2016, the Bolt was one of the first long-range electric vehicles targeted at the average driver, and soon became the best-selling electric car in the U.S. that wasn’t Tesla-branded.Â
In a letter to investors, GM Chair and CEO Mary Barra stated that the company delivered over 20,000 EVs in Q1 and had increased its EV market share by eight percentage points, crediting this to “the third consecutive quarter of record Chevrolet Bolt EV and Bolt EUV deliveries and rising Cadillac LYRIQ sales.”
The death of the Bolt could open up the opportunity for competitors such as Nissan to claw back some of that market share via offerings such as the Nissan Leaf. GM also reported an 18.5 percent drop in profits in Q1, with its stock sliding by over three percent in the wake of the announcements.
Mashable has reached out to GM for comment.
Though the Chevrolet Bolt is undeniably popular compared to GM’s other electric vehicles, it isn’t without its issues. Almost 69,000 Chevy Bolts were recalled in 2020 due to their batteries posing a fire risk. The recall was expanded the very next year, extending to over 141,000 vehicles across model years 2017-2022.
Still, after smoothing out such issues, the Bolt offered a comparatively low-cost option for drivers keen to get behind the wheel of an electric car.
