The EV just registered record quarterly sales.
GM has faced an uphill battle with its little Chevrolet Bolt EV. The hatchback was recalled due to a dangerous battery fault that set production back by nearly half a year, but now it's back and looks to launch this affordable EV into the stratosphere by increasing sales and keeping prices low.
Last month, we reported that Chevrolet would be keeping prices of the Bolt EV low until the end of the year. Wearing the enviable title of America's most affordable EV, the Bolt also recently struck an impressive milestone when Hertz announced a major deal with GM, including the sale of 175,000 EVs, including the Bolt EV and EUV. Now GM is keeping the EV train rolling with its recent announcement that it will boost Bolt EV production.
The news follows record Bolt sales in 2021 of 24,828 vehicles. According to GM's plans, the Bolt will see an increase in production from the 44,000 built this year to an impressive 70,000 cars in 2023. In order to achieve this lofty goal, GM says that it will have to make some factory improvements at its Factory Zero plant in Detroit, including body shop upgrades for the Silverado EV. Unfortunately, the GMC Hummer EV, which sits with a massive waiting list, will pause production starting in late November to give the company more capacity to make improvements at the Factory Zero plant.
The Cadillac Lyriq will also see an increase in production in the fourth quarter of 2022. While GM juggles its production schedules, it says that the launch of other GM EV products is on schedule, including the Chevrolet Equinox EV and Chevrolet Blazer EV.
We already know that GM is investing heavily in EV production between 2023 and 2025 and plans to reach a one-million vehicle production capacity by 2025. Currently, EV sales remain a small fraction of GM's overall sales; out of the first nine months of sales for 2022, GM has sold under 30,000 EV vehicles.
The Bolt has proven to be one of the most popular EVs, thanks to competitive pricing and a decent range, and despite its recent battery issues, it seems well on its way to recovery.
The 2023 Chevrolet Bolt is powered by a single electric motor mated to a 65-kilowatt-hour lithium-ion battery that produces a total of 200 horsepower and 266 lb-ft of torque. This gives the Bolt an EPA-rated range of 259 miles. The Bolt has the ability to get up to 100 miles of range within 30 minutes on a DC fast charger and can be purchased for as little as $25,600.