{"id":1921817,"date":"2023-05-01T00:43:37","date_gmt":"2023-05-01T04:43:37","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/gm-to-stop-producing-the-chevy-volt-the-cheapest-electric-car-in-the-u-s-market\/"},"modified":"2023-05-01T00:46:30","modified_gmt":"2023-05-01T04:46:30","slug":"gm-to-stop-producing-the-chevy-volt-the-cheapest-electric-car-in-the-u-s-market","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/gm-to-stop-producing-the-chevy-volt-the-cheapest-electric-car-in-the-u-s-market\/","title":{"rendered":"GM to Stop Producing the Chevy Volt, the Cheapest Electric Car in the U.S. Market"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">30<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fgm-to-stop-producing-the-chevy-volt-the-cheapest-electric-car-in-the-u-s-market%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1921817&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>GM to End Production of Chevy Bolt EV<\/h2>\n<p>After years of lackluster performance and a fire-provoked recall, the all-electric Chevrolet Bolt EV was <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/pentagon-leak\/\" title=\"Pentagon Leak\">finally gaining traction<\/a> for General Motors. As America\u2019s cheapest EV following significant price cuts, U.S. sales of the Chevy Bolt were up more than 50% last year and the automaker said it would make a record 70,000 units in 2023.<\/p>\n<p>But instead of leaning further into the vehicle\u2019s recent success and increased production, GM CEO Mary Barra on Tuesday said the automaker would end production later this year of the vehicle she once hailed as a \u201creal game-changer\u201d for the industry and an \u201cEV for everyone.\u201d<\/p>\n<p>\u201cWe have progressed so far that it\u2019s now time to plan to end the Chevrolet Bolt EV and EUV production, which will happen at the very end of the year,\u201d Barra told investors during an earnings call.<\/p>\n<h3>Why End Production?<\/h3>\n<ul>\n<li>GM needs the production capacity, profits and market positioning of its forthcoming next-generation EVs.<\/li>\n<li>GM expects to earn low to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/gm-to-stop-producing-the-chevy-volt-the-cheapest-electric-car-in-the-u-s-market\/\" title=\"GM to Stop Producing the Chevy Volt, the Cheapest Electric Car in the U.S. Market\">mid-single-digit adjusted profit margins<\/a> on its EV portfolio in 2025, excluding any positive impact of <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/makes-u-s-uncompetitive-funds-favored-industries-friends-analysts-rip-bidens-infrastructure-plan\/\" title=\"Makes U.S. \u2018Uncompetitive,\u2019 Funds \u2018Favored Industries, Friends\u2019: Analysts Rip Biden\u2019s Infrastructure Plan\">clean energy tax credits<\/a>.<\/li>\n<li>The Bolt models, including a larger \u201cEUV\u201d version, never achieved profitability.<\/li>\n<\/ul>\n<p>GM has promised investors its next-generation EVs, built on a new architecture known as Ultium, would be profitable. That\u2019s a milestone that the Bolt models never achieved. To spur interest and make the Bolt more affordable, GM cut the starting prices by as much as $6,300 for the 2022 model year. The Bolt EV would start at $26,595, followed by the Bolt EUV at $28,195.<\/p>\n<p>\u201cBolt is selling better than it ever has since the company dropped the price. On the other hand, that probably also means that they\u2019re losing more money than they ever have on that car,\u201d said Sam Abuelsamid, a principal analyst at Guidehouse Insights. \u201cSo, they don\u2019t want to keep it going longer. They\u2019re losing money on it.\u201d<\/p>\n<h3>What&#8217;s Next for GM?<\/h3>\n<p>GM is on a path to deliver single-digit profits off its EV portfolio by 2025, when it aims to have a production capacity of <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/energy-analyst-says-ev-charging-more-expensive-than-gas\/\" title=\"Energy Analyst Says EV Charging More Expensive Than Gas\">1 million electric vehicles<\/a> in North America. GM expects to earn low to mid-single-digit adjusted profit margins on its EV portfolio in 2025, excluding any positive impact of clean energy tax credits such as those included in the Inflation Reduction Act.<\/p>\n<p>GM will need a new entry-level EV, and it\u2019s looking to the upcoming Equinox EV, starting at around $30,000, to fill that void. Whether the Equinox EV can serve as more of a \u201cgame-changer\u201d than the Bolt truly could be determined later this year when the car goes on sale.<\/p>\n<h3>Expert Opinions<\/h3>\n<p>To industry experts, the writing was on the wall for the Bolt\u2019s end of days. But the timing of the decision caught many experts off guard. Expectations were GM would produce the vehicle at least into next year.<\/p>\n<p>\u201cIt was more sudden than I expected,\u201d said Michelle Krebs, executive analyst for Detroit-based Cox Automotive. \u201cI thought it would go away at some point when new batteries came on and they went to more body styles, but it struck me as rather abrupt.\u201d<\/p>\n<p>A company spokesman said the timing of the announcement coincided with GM\u2019s need to notify suppliers about the end of production and about progress associated with the $4 billion the company is spending to retool the Bolt plant in Orion Township, Michigan, for the GMC Sierra and Chevrolet Silverado electric pickup trucks.<\/p>\n<p>GM has said retooling saves time and capital, and it\u2019s also allowed the company the flexibility to partially convert plants and build different <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-to-promote-shift-to-evs-in-visit-to-detroit-auto-show\/\" title=\"Biden to promote shift to EVs in visit to Detroit auto show\">gas-powered models<\/a> in tandem. But in the case of the Orion plant, which solely manufactures the Bolt, it didn\u2019t make sense to take that tack, because GM believes it needs the additional capacity. Plus, the Bolt doesn\u2019t contribute to the company\u2019s bottom line like plants that produce money-making gas-powered vehicles.<\/p>\n<p>Barra on Tuesday said once the Orion plant reopens next year, the company will have a total production capacity of 600,000 EV pickups annually, including a Detroit plant that\u2019s been slow to ramp up production of the GMC Hummer EVs.<\/p>\n<h2>Read more about electric vehicles from CNBC Pro<\/h2>\n<ul>\n<li>< \n<br \/>\n","protected":false},"excerpt":{"rendered":"<p>As America\u2019s cheapest EV, U.S. sales of the Chevy Bolt were up more than 50% last year and GM said it would make a record 70,000 units in 2023.But GM CEO Mary Barra on Tuesday said the automaker would end production of the car later this year.To reach those goals, GM needs the production capacity<\/p>\n","protected":false},"author":1,"featured_media":1921818,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[547],"tags":[8171,25493,8527,5340,4545,5612,7238,25494],"class_list":["post-1921817","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report","tag-car","tag-cheapest","tag-chevy","tag-electric","tag-market","tag-producing","tag-u-s","tag-volt"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1921817","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1921817"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1921817\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1921818"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1921817"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1921817"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1921817"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}