Consumers hoping to purchase an affordable electric vehicle (EV) will soon have fewer options. General Motors (GM) has announced an end to production of the Chevy Bolt at the end of 2023.
The announcement by GM CEO Mary Barra took the industry by surprise. GM had been singing the praises of the Bolt, noting that it racked up three consecutive quarters of record deliveries.
The Bolt’s popularity may have something to do with its sticker price. According to automotive publisher Edmunds, the Bolt typically sells for less than $28,000. The fact that both the Bolt and the Chevy Equinox EV are really the only two affordable EVs qualifying for the 2023 EV tax credit makes the decision harder on budget-conscious EV shoppers.
Nick Sandbulte of Savage, Minn., had been eyeing the Bolt and said he was disappointed to hear the news.
“I was hoping to wait next year to buy one so I could sign the federal rebate over to the dealership rather than take out a big loan and then get a rebate later, but that won't be an option now,” he told ConsumerAffairs. “It wouldn't be so bad if they were replacing it with a similar car, but it doesn't sound like that will be the case, so I imagine there will be a scramble for the remaining cars they make.”
Several advantages
In addition to its relatively low price, the Bolt also offers a fairly decent range. GM says it has a range of between 247 and 259 miles between charges.
The Bolt has made a strong comeback after a recent painful recall. The automaker suspended production of both the Bolt EV and Bolt EUV for six months to investigate the cause of a large number of battery fires.
GM eventually replaced battery modules on some modules but had to inspect about 141,000 Bolts sold in North America.
The Nissan Leaf is another affordable EV, with a sticker price similar to the Chevy Bolt. However, it is not eligible for the $7,500 2023 EV tax credit.