GM Just Announced It's Killing the Bolt and Shifting Gears to Electric Trucks The Chevy Bolt had been GM's best-selling electric car but has been dogged by flammable battery issues.
By Jonathan Small •
Opinions expressed by Entrepreneur contributors are their own.
The Chevy Bolt will soon be bolting from General Motors assembly lines.
During GM's earnings call on Tuesday, CEO Mary Barra told investors the automaker would phase out production of its most popular electric car by the end of the year.
"We have progressed so far that it's now time to plan to end the Chevrolet Bolt EV and EU production," Barra told investors.
The announcement was somewhat of a surprise, as the Bolt has consistently been GM's bestselling electric vehicle. It's also among the most popular cars in the EV market. In a 2022 survey, Kelley Blue Book ranked the affordable Bolt as the fourth most widely purchased electric car in the U.S.
But the Bolt, which launched in 2017, is plagued with outdated technology. The car's batteries have been known to burst into flames, causing GM to recall the vehicle twice. GM thought it was wiser to unplug and upsize than to retool.
Related: General Motors and Honda create alliance to produce millions of electric cars
Making space for electric trucks
Barra said GM is powering down production of the Bolt to make room for more EV trucks. The Michigan factory where Bolt hatchbacks are built will be modified to accommodate Chevrolet Silverado EV and electric GMC Sierra trucks running on the company's Ultium EV platform.
"We'll need this capacity because our trucks more than measure up to our customers' expectations, and we'll demonstrate that work and EV range are not mutually exclusive terms for Chevrolet and GMC trucks," Barra told investors.
Barra added that the company would build 600,000 electric trucks each year, tripling the number of jobs.
Although GM makes a bulk of its money on gas-powered trucks, the company's doubling down on its commitment to electrifying its fleet. Two years ago, GM announced it would phase out all gas- and diesel-powered vehicles by 2035.
