GM says next-gen Bolt will be EUV-only as the SUV virus infects the industry
The Bolt EV is not coming back in Ultium format, according to recent statements made by GM. Instead, GM will resurrect the larger Bolt EUV and place it right alongside the Equinox EV in the latest example of the long line of inexplicable moves by GM in the EV space.
The Chevy Bolt EV is GM’s most popular and best-selling EV, which is currently enjoying its best year of sales ever. The EUV is a newer, larger variant of the Bolt EV, which has been selling better in recent years, but the Bolt EV is still the overall better seller across the history of the nameplate.
The Bolt EV as a hatchback is a unique vehicle in a market full of CUVs and SUVs.
But the Bolt is based on GM’s old battery platform, and GM’s Ultium platform is the new hotness.
So, the Bolt EV is going out of production at the end of this year, to be replaced by an Ultium-based Bolt which we now know is coming in 2025.
But it turns out that we won’t actually be getting a Boltium EV – we’ll only get the larger, more expensive EUV version.
GM CEO Mary Barra gave the first hint last month that the Ultium Bolt would take “the best attributes of the Bolt EUV”
“Our prior portfolio plans included several newly designed vehicles in the entry level segments and a capital commitment of $5 billion over the next several years. However, by leveraging the best attributes of today’s Bolt EUV, as well as Ultium platform, our software, and NACS, we will deliver an even better driving, charging, and ownership experience with a vehicle we know customers love. In the process, we are saving billions in capital and engineering expenses, delivering a significantly cost improved battery pack using purchased LFP cells. We are getting to market at least two years faster. And unit cost will be substantially lower.”
GM CEO Mary Barra
There was some hope that this statement was ambiguous enough and that Barra meant to cover both the EV and EUV with it, but alas, it seems not to be the case.
We think this is a big mistake, especially given all the recent excitement around the Volvo EX30, a vehicle quite close to the Bolt EV’s footprint and layout. Given the interest we’re seeing in that small, well-priced hatchback/SUV, which despite being called an SUV is still among the smaller EVs currently being introduced, one would think that GM might see that a “Hot Hatch meets MicroSUV” format is popular. Surely that’s why they were bringing back the Bolt in the first place?
Besides, Chevy already has the Equinox EV coming out soon, which fits into the “small(ish)” SUV segment and while longer and slightly wider than the EUV, has the same amount of cargo space. A Bolt EV-sized hot hatch could compare favorably against the Volvo EX30, and offer more differentiation against the larger Equinox, but now, Chevy will just have three electric SUVs and nothing for customers who want something smaller, or who want a sedan, or who want… anything but an SUV.
So it seems like the SUV virus has infected everyone – including the best deal in all of EVs.
Something for everyone? How about… any car?
This week, we drove the Blazer EV, which you’ll hear our impressions of on Wednesday. During that event, Chevy told us that it has “something for everyone,” accompanied by this slide:
Well, I like driving small cars. What, in that graphic, is for me? Am I not part of “everyone?” Feel free to tell us in the comments below if you, too, are not part of everyone.
But this is a reflection of SUVs being the largest segment in the US vehicle market right now. Vehicles in the US have been getting bigger and bigger, leading to higher pedestrian deaths and much worse emissions.
SUVs are everywhere – is it consumer demand, or something else?
There are a number of reasons for this, though most observers go no further than to pretend that it is solely due to consumer demand. But that’s not the whole story – Americans are being pushed towards SUVs in many ways.
Right out of the gate, just look at the graphic above. America’s largest manufacturer simply doesn’t offer anything but SUVs. If that’s the case, it’s tough for anyone who doesn’t want an SUV to find a car to buy, doesn’t it?
The only vehicle on that list which might not qualify as an SUV is the Bolt EV hatchback. It’s still tall, but at least it’s pretty compact at 163″ in length (by comparison, the upcoming Equinox EV is 190″ long – and yet has an identical 57 cubic feet of cargo space as the Bolt, both with seats down).
So, maybe GM does have a vehicle for those of us who don’t want SUVs? Well, maybe… unless you ask GM, whose advertisements fail to mention that the car even exists.
This recent Bolt EUV ad refers to the Bolt EUV as the “most affordable EV in America,” which is factually untrue. In fact, the Bolt EV is the most affordable EV in America, not the EUV, as the EV is $1,300 cheaper than the EUV.
And of course GM, and its dealers, would rather sell you a more expensive car than a more reasonable and responsible one. SUVs tend to be more expensive, and automakers have attached value to the term, and thus will happily push customers into far more car than they need or want in order to get a few more dollars out of them.
Beyond that, regulations also push manufacturers into producing more SUVs. Fuel economy regulations have long included a “footprint rule” that allows larger vehicles to get away with lower fuel efficiency, ironically encouraging manufacturers to build larger, less efficient vehicles to help meet fleet economy regulations.
Even new, EV-specific regulations have this problem. The Inflation Reduction Act includes tax credits for EVs – but these are capped at $55,000 MSRP for cars and $80,000 for SUVs and trucks, which means manufacturers can make more revenue by channeling people into EV SUVs.
But in a possible saving grace for regulations, the most recent EPA regulations do include an extremely exciting line: “EPA is proposing … to narrow the numerical stringency difference between the car and truck curves.” This suggests that the EPA understands it messed up and is trying to correct the error that has led to the pedestrian-killing SUV takeover of the market, but it will take years until we see the effects of this positive move.
SUVs may be the more dominant segment due to the various reasons listed above, but even despite all of these entities pushing consumers towards land yachts, cars still carry on. GM shared a slide showing that 30% of EVs are still cars, not SUVs:
And yet, with this move, GM is ignoring 30% of its customers by eliminating the one car-like EV it sells. “Something for everyone,” right?
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Mercedes-Benz High-Power Charging just opened more DC fast chargers at Buc-ee’s stores in the Dallas-Forth Worth area.
Three new Mercedes DC fast charging stations are at Buc-ee’s in Fort Worth, Temple, and Royse City. Mercedes asserts that every one of its chargers offers up to 400 kW of power.
It’s also adding 12 more charging stations at Buc-ee’s in the Dallas-Fort Worth, San Antonio, and Houston metro areas – also known as the Texas Triangle, home to 68% of Texans:
Buc-ee’s isn’t your typical convenience store – they’re huge, with some stores covering over 50,000 square feet, and they offer a wide variety of items, including snacks, beverages, fresh food, clothing, home decor, and Texas-themed merchandise. It’s known for its homemade fudge, jerky, and beaver nuggets (caramel-coated corn puffs). Most Buc-ee’s locations are open 24 hours a day, seven days a week.
In November 2023, Mercedes announced it had made an agreement with Buc-ee’s to build EV charging hubs at most of its existing stores. Mercedes is aiming to have around 30 online by the end of the year. There are currently 48 Buc-ee’s locations across the US South, 34 of which are in Texas.
When I spoke to Mercedes-Benz High Power Charging CEO Andrew Cornelia last year, he was passionate about the importance of placing EV chargers near amenities that travelers need.
Mercedes offers open access for all EV drivers, including roaming with other charging networks. Its charging hubs support contactless payments with credit cards or smartphone wallets.
The first Mercedes DC fast charging station came online last November at its headquarters in Sandy Springs, Georgia. Mercedes-Benz plans to deploy 2,500 high-powered chargers in 400 hubs by 2027.
Texas is the US’s No. 1 producer of clean energy and ranks fourth in public EV charging. However, to meet driver demand, the state needs around 95,000 more public chargers by 2027.
Read more: America, Mercedes-Benz wants you to indulge in retail therapy while you’re DC fast charging
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Environment
Polestar (PSNY) stock faces potential Nasdaq de-listing after failing to file its annual report
Another EV stock may be removed from the Nasdaq exchange. After failing to file its annual report, Polestar (PSNY) received a notice from the Nasdaq as the company faces a possible de-listing.
Polestar, Volvo’s former high-performance unit, was established as an EV brand in 2017 under Geely’s control.
Since launching the Polestar 2, its first all-electric vehicle, the brand has expanded into 27 markets globally. The electric car has even become a top seller in several key markets like Norway, Sweden, and Germany.
However, like many EV startups, Polestar has hit its fair share of hurdles. After cutting guidance late last year (from 80K to 60K), Polestar still missed its target, delivering 54,600 vehicles last year.
In February, Volvo announced plans to sell 62.7% of its stake in Polestar as it looks toward its next growth stage. Volvo also confirmed it will “not provide further funding to Polestar” outside of its existing $1 billion outstanding convertible loan.
The news came after Polestar announced plans to cut 15% of its global workforce amid slowing EV sales earlier this year.
Polestar stock facing potential Nasdaq de-listing
After failing to file its annual report for the fiscal year ending December 31, 2023, Polestar received a deficiency notice from the Nasdaq.
The notice states Polestar is not in compliance with its listing rules, which require the timely filing of periodic financial reports.
Polestar said the notice has no immediate impact on the company’s listing. However, under the Nasdaq listing rules, Polestar has 60 days to submit an action plan. If Nasdaq accepts it, Polestar could be issued an additional 180 days from the notice date, or until November 2024, to regain compliance.
The company has already received consent from lenders under its nearly $1 billion 3-year loan facility for the late filing. Polestar says it is fully committed to regaining compliance.
Polestar is working to file the annual report “as soon as practicable” and to report Q1 2024 earnings shortly after.
Polestar stock was down over 13% on Monday following the potential de-listing notice. PSNY shares are now down over 50% this year, hitting their lowest prices since going public.
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Launched as a joint venture between Toyota Group and Tier 1 supplier Hexagon Purus, the new Tern brand of heavy duty electric trucks announced Hino Trucks as its exclusive US distributor.
Another Toyota Group brand, Hino Trucks nevertheless brings a nationwide network of more than 200 heavy truck dealers (and their customers) to the new JV with Hexagon, which is specifically focused on electrifying “practical” commercial vehicle applications.
Glenn Ellis, President and CEO of Hino Trucks, expressed enthusiasm about the partnership. “Our collaboration with Hexagon Purus introduces a highly reliable Class 8, 4×2 tractor option into the electric truck market, catering to a wide range of applications,” he explained. “We are excited to be the exclusive distributor for Tern with an initial distribution focus in California, where fleet electrification is imperative.”
Tern RC8 electric semi
The new Tern RC8 electric truck offers a 68,000 lb. GVWR, 680 peak horsepower electric motor (494 continuous), a 200 mile range, and the ability to go from 0-80% charge in less than two hours at 240 kW. Energy comes from dual Hexagon Purus Gen3 269kWh battery packs in a 750-volt, 538 kWh configuration.
The announcement coincides with California’s Advanced Clean Fleets regulation, and was made today at the ACT Expo, which is taking place this year in the West Hall of the Las Vegas Convention Center. Serial production for the Tern RC8 is scheduled to begin later this year.
Electrek’s Take
It’s hard to act surprised that a Toyota brand is going to be supported by Toyota’s existing dealer network, but it’s worth noting that, while Toyota is marketing/lobbying against EVs on the one hand, it’s quietly investing big bucks into battery electric on the other.
My guess: as soon as Toyota has a viable BEV on the market, they’ll “suddenly” realize that BEVs were the way to go all along. #bet
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