Benzinga - General Motors Company (NYSE: GM) will end production of its electric Chevrolet Bolt models, including the Bolt EV and the larger EUV, by the end of this year.
GM CEO Mary Barra revealed the decision during a discussion of the company's first-quarter earnings, as reported by CNBC.
The Chevrolet Bolt models currently account for the majority of GM's electric vehicle sales. The battery cells used in these cars feature an older design and chemistry compared to the automaker's newer vehicles, such as the GMC Hummer and Cadillac Lyriq, which are built on GM's Ultium architecture.
According to Barra, the suburban Detroit plant that has been manufacturing Bolt models since 2016 will be retooled in preparation for the production of electric trucks scheduled for next year. This decision comes at a time when the Bolt is experiencing record production and sales for mass-market consumers.
GM initially launched the Bolt ahead of the Tesla Inc (NASDAQ: TSLA) Model 3, with both vehicles targeting mainstream drivers. Despite the Bolt's achievement of availability before the Model 3, its sales never quite matched those of Tesla. The vehicle also faced setbacks due to a supplier-related battery issue that led to a recall of all Bolts ever produced.
With the end of Bolt production in sight, Chevrolet plans to launch several new EVs later this year based on the Ultium platform. These include the Silverado EV, Blazer EV, and Equinox EV.
Photo courtesy of GM
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