American legacy automaker General Motors is on track to relaunch the top-selling Chevy Bolt EV as a next-generation model in 2025.
The new Chevy Bolt EV would be the first Ultium-based model to utilize lithium iron phosphate (LFP) batteries in North America, enabling the company to save billions from production costs.
Billions of saving
General Motors Chief Financial Officer Paul Jacobson claims that the new Chevy Bolt EV can save billions of dollars with the adoption of cheaper LFP batteries during an interview for the Daily Drive podcast.
CFO Jacobson admitted that GM has rolled out more expensive Ultium-based models to date. In effect, the American automaker has been more “mindful” about the growing need for cheaper offerings.
It is apparently the reason why GM decided to relaunch the Bolt EV rather than introduce a new lower-cost EV platform. According to the executive, this strategy will enable the company to save billions of dollars.
“We’ve got an established brand. We’ve got a really good product that customers love. We can realize some of the efficiencies of the Ultium platform using LFP chemistry and technology and make it more profitable for us and significantly improve the business case for it.”
General Motors Chief Financial Officer Paul Jacobson
Brief background
General Motors’ next-gen Chevy Bolt EV will finally hit the market next year after the company halted its production in late 2023.
The parent company initially announced plans to discontinue the production and sale of electric Chevy Bolt EVs last year. However, EV enthusiasts’ negative response to the decision prompted Chief Executive Mary Barra to push for a next-gen model.
CEO Barra declared that the new Bolt EV will ride on the Ultium platform during a media call in July 2023, which will enable the company to simplify production.
The announcement was indeed a piece of good news for EV enthusiasts, considering that the Chevy Bolt EV is among the most affordable and popular models available in the market today.
What to expect?
GM Chief Barra proudly stated that the new Chevy Bolt EV will offer “an even better driving, charging, and ownership experience.”
In addition, its adoption of LFP batteries will deliver lower costs to further improve the model’s accessibility to a wide range of customers.
Excitingly, CEO Barra confirmed that the new Chevy Bolt EV will finally debut in 2025.
“That’s been something that has been really great this year, and that informed the decision that we’ll have that back again in ’25.”
GM CEO Mary Barra said at the Automotive Press Association in Detroit (via Automotive News)
The move is undoubtedly part of GM’s strategy to stay competitive in the electric vehicle market amid the slower-than-expected uptake and Tesla’s dominance, prompting it to scale back on its electrification push.
