The next-generation Chevrolet Bolt EV is expected to arrive in the market a year from now, as General Motors concluded production of its best-selling electric model at the end of 2023. General Motors’ Chief Financial Officer Paul Jacobson asserts that the newly launched Bolt EV will significantly benefit the company financially, as it becomes the first North American model to utilize lithium-iron phosphate (LFP) batteries based on GM’s Ultium technology.
Following the disappointment expressed by enthusiasts of electric vehicles, including ourselves, who were initially led to believe that General Motors intentionally discontinued the popular Chevrolet Bolt EV last year, we learned that GM’s CEO Mary Barra had secretly been working on a next-generation model.
As part of its rebranding efforts in late July, General Motors CEO Mary Barra announced that the Chevrolet Bolt EV would be transitioned to an Ultium-based model, citing potential manufacturing efficiency gains.
The Chevrolet Bolt EV’s upcoming launch promises “a significantly enhanced driving, charging, and ownership experience”. A major contributor will be the introduction of lithium-iron phosphate (LFP) batteries, making it the first Ultium EV to employ this technology, which is expected to substantially lower costs.
Barra has further confirmed that a brand-new electric model will be unveiled next year. Speaking at the Automotive Press Association in Detroit, Barra noted: “One positive aspect from this year is that we’ve learned a lot, which informed our decision to bring it back again in ’25.”
Despite General Motors’ initial disappointment with Ultium battery production in 2023, the company has since implemented “significant improvements,” according to CEO Mary Barra.
Billions at stake: GM’s new Bolt EV must hit the mark
During the podcast interview, Jacobson conceded that General Motors (GM) has introduced premium-priced Ultium models to date.
Despite this, Jacobson noted that General Motors is “cognizant” of the growing demand for affordable electric vehicles. The primary reason why General Motors is revamping the Bolt rather than developing a new low-cost electric vehicle platform is that.
Jacobson asserts that the transfer will yield a significant windfall for General Motors, estimated to be in the billions of dollars. General Motors is poised to achieve a positive variable profit by the end of 2023, as it streamlines its Bolt electric vehicle lineup with Ultium-based designs and introduces lithium-iron-phosphate (LFP) batteries in North America’s primary Ultium EV offering.
“We’ve acquired a well-established model,” Jacobson noted, specifically referencing the Bolt. We’ve acquired an exceptional product that resonates strongly with our target audience. Our analysis reveals that leveraging the Ultium platform’s unique combination of LFP chemistry and expertise yields significant benefits, making it an even more attractive option for our organization and substantially strengthening its business case.
Although General Motors aims to deliver 200,000 to 300,000 Ultium EVs this year, a software quality issue has led to a halt in sales of the eagerly anticipated Chevrolet Blazer Electric Vehicle.
Chevrolet issued a stop-sale order in December, just four months after taking initial orders. Despite a lapse of over two months, gross sales remain indefinitely suspended.
This year marks a pivotal moment in our transformation journey, as we set out to deliver on our promises and execute our plans. By 2024, we aim to reset our electric vehicle production, relaunch our Cruise autonomous driving division, and finally address the software quality issues that have hindered our progress.
Electrek’s Take
General Motors anticipates significant results from its upcoming Ultium-based electric vehicle, slated for release next year. In the intervening period, the automaker needs to get back on track.
Last year, the Chevrolet Bolt EV dominated General Motors’ passenger electric vehicle (EV) sales, claiming a staggering 82% share, with a total of over 62,000 units sold. General Motors’ production of the budget-friendly Equinox Electric Vehicle (EV) has been pushed back further.
Chevrolet has officially confirmed that the entry-level Equinox EV will indeed debut at its previously announced starting price of $35,000. The model is likely to be the most affordable electric vehicle (EV) in its class, priced under $35,000, with an estimated range of up to 319 miles on a single charge.
| (together with vacation spot charge) | (EPA-est miles) | ||
| Chevy Equinox EV 1LT | $34,995 | 319 mi | 17.7″ |
| Chevy Equinox EV 2LT | $43,295 | 319 mi | 17.7″ |
| Tesla Mannequin Y RWD | $45,380 | 260 mi | 15″ |
| VW ID.4 Normal RWD | $40,290 | 209 mi | 12″ |
| Hyundai IONIQ 5 commonplace vary |
$43,175 | 220 mi | 12.25″ |
| Nissan Ariya Interact FWD | $44,555 | 216 mi | 12.3″ |
| Volvo EX30 single-motor prolonged vary |
$36,245 | 275 mi | 12.3″ |
The 2023 Chevrolet Equinox EV is a solid contender in the growing compact crossover market, but how does it stack up against the competition? We pit it against the Hyundai Kona Electric, Kia Niro EV, and Ford Escape PHEV to see which one comes out on top.
First off, let’s talk power. The Equinox EV boasts 182 horsepower from its single electric motor, while the Kona Electric has 201 horsepower from its dual motors. The Niro EV, meanwhile, gets 201 horsepower from its dual motors as well, but with a more impressive 291 lb-ft of torque.
Next up is range. The Equinox EV promises an EPA-estimated 250 miles on a single charge, while the Kona Electric offers an estimated 258 miles and the Niro EV a claimed 239 miles. The Ford Escape PHEV, which we’re comparing for its electric-only capabilities, gets an estimated 24 miles of pure EV driving.
Now let’s talk pricing. The Equinox EV starts at around $30,000, while the Kona Electric begins at about $36,000 and the Niro EV starts at roughly $38,000. The Ford Escape PHEV starts at around $28,000 for its base trim, but you’ll need to opt for the more expensive SE Sport Hybrid model to get an estimated 24 miles of electric-only driving.
So which one should you choose? If you want a budget-friendly option with impressive range and torque, the Kona Electric might be the way to go. If you’re looking for something a bit more affordable with decent EV capabilities, the Ford Escape PHEV is worth considering. And if you just want a solid all-around compact crossover with a great warranty and plenty of tech features, the Equinox EV is definitely worth a look.
SKIP
The model is designed to meet requirements that allow it to qualify for the $7,500 federal tax credit, thereby potentially lowering its starting price to as little as $27,495.
While awaiting the delayed roll-out of its lower-priced model, General Motors intends to bridge the gap by introducing a lineup of hybrid vehicles in the near future. The General Motors’ move could put them at a disadvantage compared to rivals like Hyundai and Volvo, which are aggressively expanding their electric vehicle offerings in the US market.
While General Motors’ CFO argues that discontinuing a standalone budget-friendly electric vehicle (EV) platform would save the company billions, Ford’s CEO Jim Farley has quietly been developing a low-cost EV platform of its own, revealing the automaker’s efforts to compete in the affordable EV market.
