American legacy automaker General Motors expects the new Chevy Bolt to claim the “most affordable” electric vehicle title in the US market by 2025, Automotive News reports, citing an exclusive interview with a company executive.
New Chevy Bolt targets affordability lead
The race for affordable electric vehicles continues to put pressure on automakers amid the surging number of cheap Chinese-made models in the market. Interestingly, GM is highly optimistic that it will win the race as soon as next year.
According to GM’s new North American President, the next-gen Chevy Bolt EV will be “the most affordable vehicle on the market by 2025.”
Many industry followers were disappointed with GM’s previous decision to phase out the iconic Chevy Bolt EV. After receiving strong opposition, GM CEO Mary Barra guaranteed that the automaker is developing a new Ultium platform-based Bolt EV.
“We’re really excited to get the Bolt with the Ultium architecture underpinnings to have the most affordable vehicle on the market by 2025.”
The return of the iconic Chevy Bolt is indeed a piece of good news for most electric vehicle fans, promising “an even better driving, charging, and ownership experience.”
Marissa West, GM’s North American President
What to expect from the next-gen Chevy Bolt EV?
According to GM CEO Mary Barra, the next-gen Chevy Bolt EV will be the first Ultium model to utilize a lithium iron phosphate (LFP) battery. This battery technology pivot will significantly help GM to keep the new Chevy Bolt EV’s price down.
GM seeks to relaunch its top-selling EV model in 2025 after ending production in December 2023. With a more than 82% share in the company’s total EV sales in 2023, the Bolt undoubtedly remains a crucial part of its electrification strategy.
The American automaker aims to “build on the momentum” it established with the Chevy Bolt. It will be “better than ever,” with excellent styling, range, and charging time.
Current leaders in EV affordability
GM has yet to announce the new Chevy Bolt EV’s exact pricing. It only hinted that it will be the most affordable EV in the market by 2025.
Therefore, the next-gen Chevy Bolt EV must undercut the prices of the current leaders in electric vehicle affordability to achieve its 2025 target.
For reference, the top 4 most affordable EV models in the US market in Q1 2024 include the following (including discounts):
- Nissan LEAF ($27,956)
- Nissan Ariya ($35,556)
- Hyundai’s IONIQ 6 ($36,506)
- Tesla Model 3 ($40,547)
In the meantime, GM is launching several new EVs, including the Ultium platform-based Chevy Equinox, Blazer, and Silverado EVs. On the other hand, several players like Ford, Kia, and Jeep, among others, are also planning to launch affordable EV models “soon.”
