Why is the Chevy Bolt Being Discontinued?

From an announcement at an investor meeting in April, it is the end of the line for the Chevrolet Bolt. General Motors are discontinuing one of their most popular electric vehicles. Many GM customers deem it the perfect entry to the world of electric vehicles as it is a particle and affordable car.

So, why has General Motors made this surprising move?

The Chevrolet Bolt EV was a high-selling vehicle for General Motors, but it was plagued with a number of issues. By that, we mean a major problem that became a global crisis for the company.

General Motors launched the Chevrolet Bolt EV as America’s most affordable electric vehicle with a base price of $27,495. It was launched for the everyday driver and an entryway into electric vehicles. It quickly became a fan-favorite with customers. The Bolt EV was so popular that General Motors was the second highest-selling electric vehicle manufacturer behind the EV titan, Tesla, in the year it launched.

Recall issues

It seemed like nothing could stop the Chevy Bolt EV until many, many things did. The doomed automobile has faced various problems over the last number of years. There have been several different recalls for insufficient braking performance and powertrain malfunctions. But this did not have an effect on its sales.

This changed when General Motors released a recall in 2020 for a “potential, fire-causing” issue. It included over 69,000 Chevrolet Bolts. If this wasn’t bad enough for the automobile manufacturer, they had to expand this recall a year later to include another 73,000 Bolt EVs. This recall alone cost General Motors $2 billion.

In response to this recall, General Motors stopped any production on both electric vehicles so that they could safely fix the issue. The problem was resolved by replacing the components of the battery in the vehicles. Also, to entice customers to invest in these electric vehicles again, they reduced their prices.

Fixing the battery issue and dropping the Bolt’s price worked, leading to Chevy Bolt’s best sales so far. But General Motors are aware that this issue could arise again. So they have decided to cut their losses with the Chevrolet Bolt EV and Bolt EUV and invest their money into better-performing electric vehicles.

While the loss of the Chevrolet Bolt will dishearten many customers, there is some good news on the horizon. General Motors are still producing up to 70,000 Chevy Bolt in 2023. They plan to stop manufacturing at the end of 2023.

Plans following the discontinuation of Chevy Bolt

General Motors will not let the discontinuation of the Chevy Bolt stop them. Over the next few years, they plan to incorporate their Ultium EV platform into their electric trucks and SUVs. Also, several new EVs cars based on the Ultium EV platform will be released in the latter half of this year.

General Motors invested several billion dollars into an expansion of its Orion Township plant. It will have the capability to manufacture and produce the new releases, GMC Sierra and Chevrolet Silverado EV. Both contain the Ultium EV platform and are being launched at the end of 2023.

As for the Chevrolet Bolt, Chevrolet is releasing its predecessor later this year, the Chevrolet Equinox EV, which will be launched later this year. Like the Bolt, the Equinox will be one of the most cost-effective EVs on the market. It will start from around $30,000.

Alternatives to the Chevy Bolt

If you are looking for an alternative to the Chevrolet Bolt but are looking to move away from Chevrolet, maybe due to all their issues, there are several options on the market. The Hyundai Kona Electric, Tesla Model 3, and Nissan Leaf S are all great options to invest your money in. Alternatively, you can wait for the launch of the Tesla Model 2 in 2024. They have coined it as the most economical model yet. Depending on your budget, time, and the features you want within your vehicle, there are several excellent Chevrolet Bolt alternatives to choose from.

The retirement of the Chevrolet Bolt EV and Bolt EUV will allow General Motors to create further progress in EV technology. It will drive them to fill the void of the Chevrolet Bolt EV, will a vehicle that performs even better, is safer, and is more reasonably priced.