The 2023 Chevy Bolt EV is one of the least-expensive new electric cars on the market. It’s also on its last legs.
The Bolt carries a $26,500 starting price and is eligible for a $7,500 federal tax rebate (depending on household income). It’s available as the subcompact Bolt electric vehicle (EV) and a slightly larger Bolt EUV. But Chevrolet has announced plans to end Bolt production at the end of 2023.
Successful, But an Aging Technology
The Bolt has been the best-selling non-Tesla EV in America through much of 2023. But GM plans to end it because of its battery technology.
The Bolt uses an older battery chemistry that no other GM EV uses.
Most GM electric cars now use the automaker’s Ultium platform. Ultium is what automotive engineers call a “skateboard platform.” It puts all battery, motor, suspension, and steering components beneath a flat load floor. It can be expanded or contracted to build many vehicle types.
The Future: A Common Battery
GM plans to build many EVs on the Ultium platform, including cars, trucks, and SUVs, ranging from small to full-size. The roughly $30,000 2024 Chevrolet Equinox EV is the cheapest publicly planned model.
But there may be room for a smaller, less expensive vehicle under that. In an interview with NPR’s Marketplace podcast, GM CEO Mary Barra hinted at a return using the Ultium platform.
“We’re leveraging the names of our vehicles that are well understood and known in the industry,” she said. “Bolt is something that has built up a lot of loyalty and equity. I can’t say more because I don’t discuss future product programs,” Barra said. “But that’s an important vehicle in our portfolio.”
EV prices have begun to come down dramatically – the average EV in April sold for $10,096 less than a year ago. That’s true largely because of government incentives and a price cut war started by Tesla.
But it’s also a matter of economies of scale – everything gets cheaper to build as you build more of it. The spread of the Ultium platform could enable GM to launch a lower-cost subcompact EV, which, it seems, might resurrect the Bolt name car shoppers already know.
