As the race to launch low-cost electric models heats up, GM believes it has the answer. GM’s new North American president said the upcoming next-gen Chevy Bolt EV will be “the most affordable vehicle on the market by 2025.”
If you were disappointed to learn GM was phasing out the iconic little Chevy Bolt EV, you were not alone.
After strong feedback, GM CEO Mary Barra confirmed a next-gen Bolt EV based on its Ultium platform was in the works. Barra said the Ultium-based Bolt will have “an even better driving, charging, and ownership experience.”
GM’s CEO also mentioned the new Bolt will be the company’s first Ultium model to use LFP batteries, which will help keep prices low.
With Bolt production ending last December, GM looks to get its most popular EV back on the market in 2025 to meet the need for lower-cost EVs. With the Bolt accounting for over 82% (+62K models sold) of GM’s EV sales last year, the electric car remains a key piece of GM’s strategy.
Will the new Chevy Bolt be the most affordable EV?
In a recent interview with Automotive News, Marissa West, who took over as GM’s North American president in January, said the company is ” really excited” to get the Bolt back on the market.
According to West, the Ultium-based Chevy Bolt is expected to be the most affordable EV in the US when it launches next year.
West explained, “We’re really excited to get the Bolt with the Ultium architecture underpinnings to have the most affordable vehicle on the market by 2025.”
GM is “going to build on the momentum” it built with the Bolt. Underpinned by its Ultium platform, the Bolt will be “better than ever.” West added, “It will have great styling, it’ll have great range, really good charging time.”
In the meantime, GM is launching a series of new electric models, including the new Chevy Equinox, Blazer, and Silverado EVs, all based on the Ultium platform.
West said the Chevy Equinox EV is another “very critical” piece of GM’s strategy to offer EVs for everyone.
Chevy Equinox EV (see our first drive here) deliveries kicked off earlier this month. However, the base $34,995 1LT model won’t be available to order until later this year.
With the $7,500 EV tax credit, the current Equinox 2LT can be bought for as little as $35,795. Once it hits the market, the 1LT model could be bought for potentially as low as $27,495.
GM has yet to specify pricing for the new Chevy Bolt EV, but it will need to be cheaper than that to be “the most affordable” on the market.
Including discounts, the most affordable EVs in the US in Q1 2024 were the Nissan LEAF ($27,956) and Nissan Ariya ($35,556). Hyundai’s IONIQ 6 was third ($36,506), followed by the Tesla Model 3 ($40,547).
Meanwhile, several automakers, including Ford, Kia, Jeep, and others are promising low-cost EV models coming soon. Other affordable EVs, like the Volvo EX30, starting at $34,950, is expected to hit US showrooms this summer.
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