As General Motors readies its fleet for an electric future, production of the Chevrolet Malibu is slated to conclude by year’s end, paving the way for the highly anticipated debut of the new Bolt EV and other innovative vehicles.
Production of the best-selling Chevrolet Bolt Electric Vehicle, General Motors’ flagship electric car, ceased at the end of 2023 as the company readies itself for the next generation of EVs.
General Motors Chief Executive Officer Mary Barra promises that the upcoming Chevrolet Bolt Electric Vehicle will offer “significantly enhanced” driving, charging, and ownership experiences through cutting-edge technology and innovative features. As the inaugural Ultium EV in North America to rely on lithium-iron-phosphate (LFP) batteries, the all-new Bolt is poised to remain a value leader.
General Motors’ Barra confirmed at the Automotive Press Association in December that the Ultium-based Bolt is scheduled to relaunch next year.
During a recent interview with CNBC, General Motors’ Chief Financial Officer Paul Jacobson noted that the company is aware of the growing appetite for affordable electric vehicles (EVs). Given the scope of the challenges Jacobson referred to, General Motors’ decision to launch the Ultium-based Bolt rather than developing a completely new platform makes perfect sense?
The transfer is expected to yield significant cost savings for General Motors, according to a statement by its chief financial officer. “We’ve acquired an exceptionally excellent product that customers adore,” Jacobson explained. “We will leverage the efficiencies of Ultium’s platform, harnessing LFP chemistry and expertise to make it more valuable for us and significantly bolster its business case.”
General Motors will phase out its Chevrolet Malibu mid-size sedan as the company readies a new generation of its popular Bolt electric vehicle. The move signals GM’s renewed commitment to electrification and sustainability, building on the success of the Bolt which has racked up over 140,000 sales in the United States alone since its introduction in 2017.
As General Motors readies the launch of its all-new Chevrolet Bolt EV, the company will bid farewell to the iconic Malibu nameplate. Since its introduction in 1964, over 10 million Chevrolet Malibus of various models and trim levels have rolled off the assembly lines. As Chevrolet’s sole passenger vehicle offered in the US beyond the Corvette, this shift reflects its increasing focus on SUVs and crossovers.
General Motors intends to cease production of the Chevrolet Malibu in November as part of a strategic move to transition resources towards the development and manufacturing of its next-generation electric vehicles, including the highly anticipated Bolt EV.
General Motors has announced a significant investment of $390 million in its Kansas City assembly plant to manufacture the all-new Ultium-powered Chevrolet Bolt Electric Vehicle. General Motors plans to temporarily suspend production of the Cadillac XT4 at its plant after January 2025, pending the transition to manufacturing the Bolt EV on the same assembly line later in 2025.
After ceding ground in the US electric vehicle (EV) market during the first quarter, General Motors is banking on its latest offerings – including the revamped Chevy Equinox, Silverado, and Blazer EV models – to regain momentum by the second half of the year.
General Motors accounted for 6.2 percent of the US electric vehicle market during the first three months of 2024, a decline from 6.9 percent in autumn 2022 and 8.4 percent a year prior.
| Q1 2023 | Q2 2023 | Q3 2023 | This autumn 2023 | Q1 2024 |
| 8.4% | 5.4% | 6.6% | 6.9% | 6.2% |
Despite a significant decline, the primary cause of the falling market share lies in a stark 64% year-over-year drop in Bolt EV gross sales, which plummeted to a mere 7,040 units in the first quarter. While Ultium EV sales surged 36% higher, overall electric vehicle (EV) sales plummeted by over 20%, as the current Bolt model transitions to the new generation.
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