General Motors has an exciting new lineup of electric vehicles, including the GMC Hummer EV, Cadillac Lyriq and Silvarado EV (a pickup truck). However, the company’s star of the moment seems to be the Chevrolet Bolt, an electric vehicle that was first introduced in 2016 and has had a bit of a turbulent history.
The Chevy Bolt, as it is popularly called, almost had the rug pulled from under it after a series of issues. In 2021, the company suspended the production of the Bolt because it had a defect that could trigger spontaneous battery fires. The company went as far as advising its customers to avoid recharging the vehicle indoors as a precaution and to “treat Chevy Bolt batteries gently” until GM found a permanent solution to the glitch. Things were so bad for the Bolt that speculation was rife that the company was about to permanently stop its production.
That was last year. Since then, the battery issue has been resolved, and the Bolt is back on the market, in a big way. In the third quarter of this year alone, 14,000 units of the Bolt were delivered to customers. The surge in demand for this vehicle is so high that GM has decided to increase its production target of 44,000 units annually to almost double — 70,000 units — in 2023.
What has happened to resurrect this electric vehicle from near demise and thrust it into the limelight?
First, the car is built using old technology. Remember, the Bolt made its debut on the market in 2016, and so much has happened in the EV space to render pre-2016 tech nearly obsolete. However, this old tech has been a strong point for the company. Many motorists want a vehicle that can simply move them from one point to another without a high sticker price. The Chevy Bolt addresses this need.
Secondly, General Motors reduced the price of the Bolt a number of times. Last summer, General Motors announced a price cut on the Bolt to a base price of $27,000. Given that the average price of EVs in the United States is $76,000, the Bolt instantly became a magnet to buyers.
The skyrocketing prices of energy also turned into a blessing for the Bolt. Motorists scrambled to get this affordable EV in order to save what little they still had as inflation eroded their spending power.
For customers who aren’t into getting electric vehicles with all the latest technologies and features, the Chevy Bolt is definitely the one to consider. GM has established the standard, and now EV manufacturers such as Kandi Technologies Group Ltd. (NASDAQ: KNDI) have to respond in this ongoing battle to grab market share in this fast-evolving industry.
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