General Motors (NYSE:GM) announced Tuesday that the American automaker will end production of its Chevrolet Bolt electric vehicle later this year as it shifts zero-emission production to trucks and SUVs built on a new battery platform.
In January 2022, GM said it would invest $4 billion in its Orion Township Assembly plant that builds the Bolt to produce Chevrolet Silverado EV and electric GMC Sierra using its next-generation Ultium EV platform.
"We have progressed so far that it's now time to plan to end the Chevrolet Bolt EV and EU production, which will happen at the very end of the year," GM CEO Mary Barra told investors on Tuesday.
GM sold 38,120 Bolt EVs in 2022, up from 24,828 in 2011 -- and 19,700 in the first three months of the year. The Bolt, GM's first mass market EV, still accounts for more than 90% of all U.S. GM EV sales.
The Bolt, which starts at $26,500 and qualifies for a $7,500 federal tax credit, has been repeatedly touted by Biden administration as an example of an affordable EV.
GM said its Detroit-Hamtramck and Orion plants will be able to build more than 600,000 electric trucks a year by late 2024.
Barra also said that when the Orion plant reopens in 2024, and reaches full production, employment will nearly triple.
Shares of GM are down 4.45% in afternoon trading on Tuesday.