GM says its new Chevy Bolt EV will save billions with more affordable LFP batteries
The next-gen Chevy Bolt EV is due out next year after GM ended production of its top-selling electric model at the end of 2023. GM’s CFO Paul Jacobson says the new Bolt EV will save the company billions by becoming North America’s first Ultium-based model to use LFP batteries.
After EV enthusiasts like myself were disappointed to learn GM planned to discontinue the electric Chevy Bolt EV last year, GM’s CEO Mary Barra revealed a next-gen model was in the works.
During a media call last July, Barra revealed the Bolt EV will live on as an Ultium-based model, claiming it will streamline production.
GM’s leader said the new Bolt EV will provide “an even better driving, charging, and ownership experience.” One of the biggest will be the introduction of LFP batteries.” As the first Ultium EV to use LFP batteries, the new model is expected to drastically lower costs.
Barra also confirmed the new electric model will be revealed next year. At the Automotive Press Association in Detroit (via Automotive News), Barra said, “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.”
Although GM was disappointed with the production of Ultium models in 2023, the company has made “substantial improvements,” according to Barra.
GM’s new Bolt EV to save company billions
During an interview for the Daily Drive podcast, Jacobson acknowledged that GM hasintroduced higher-priced Ultium models so far.
However, Jacobson said GM is “mindful” of the growing need for affordable EVs. That’s a big reason why GM is reviving the Bolt rather than developing a new lower-cost EV platform.
Jacobson claims the move will save GM billions of dollars. By streamlining the Bolt with its Ultium-based models and adding LFP batteries (the first Ultium EV in North America), GM’s financial leader said the model will help GM achieve a positive variable profit by the second half of the year.
“We’ve got an established brand,” Jacobson said, referring to the Bolt. “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.”
Although GM plans to produce 200,000 to 300,000 Ultium EVs this year, a software quality issue resulted in a stop-sale on the highly-anticipated Chevy Blazer EV.
Chevy issued the stop-sale in December, only four months after opening orders. Over two months later, sales are still suspended.
Earlier this month, Barra said 2024 is the “year of execution.” Plans include resetting EV production, relaunching Cruise, and finally fixing the software quality issues halting output.
Electrek’s Take
GM expects to see big results from the new Ultium-based EV due out next year. In the meantime, the automaker needs to get back on track.
The Chevy Bolt EV accounted for over 82% of GM’s passenger EV sales last year, with over 62K models sold. GM has already delayed production of its promised affordable electric replacement, the Equinox EV.
Chevrolet confirmed earlier this month the base Equinox EV will start at the promised $35,000 price. The brand expects it to be the most affordable EV in its segment under $35,000 with up to 319 miles range.
| EV model | Starting Price (including destination fee) |
Range (EPA-est miles) |
Screen Size |
| Chevy Equinox EV 1LT | $34,995 | 319 mi | 17.7″ |
| Chevy Equinox EV 2LT | $43,295 | 319 mi | 17.7″ |
| Tesla Model Y RWD | $45,380 | 260 mi | 15″ |
| VW ID.4 Standard RWD | $40,290 | 209 mi | 12″ |
| Hyundai IONIQ 5 standard range |
$43,175 | 220 mi | 12.25″ |
| Nissan Ariya Engage FWD | $44,555 | 216 mi | 12.3″ |
| Volvo EX30 single-motor extended range |
$36,245 | 275 mi | 12.3″ |
The brand also expects it to qualify for the $7,500 federal tax credit, cutting the starting price potentially as low as $27,495.
Meanwhile, with the base model not expected to begin production until later this year, GM plans to fill the gap with hybrid models. The move could set GM behind rivals like Hyundai and Volvo, which are doubling down on EVs in the US.
While GM’s financial leader says abandoning a seperate low-cost EV platform will save it billions, Ford’s CEO Jim Farley revealed the automaker has been “secretly developing” an affordable EV platform of its own.
FTC: We use income earning auto affiliate links. More.
On today’s episode of Quick Charge, Hyundai doesn’t care if incoming President Trump kills the $7,500 Federal EV tax credit, California’s planning to offer an EV tax credit of their own, and there’s a massive new solar project in Texas prairie land.
We’ve also got Tesla hoping to meet its Q4 sales goals by throwing all the EV demand levers in China while, at the same time, looking to hire remote drivers for its so-called “autonomous” robotaxis.
Today’s episode is sponsored by BLUETTI, a leading provider of portable power stations, solar generators, and energy storage systems. For a limited time, save up to 52% during BLUETTI’s exclusive Black Friday sale, now through November 28, and be sure to use promo code BLUETTI5OFF for 5% off all power stations sitewide. Learn more by clicking here.
Source Links
Prefer listening to your podcasts? Audio-only versions of Quick Charge are now available on Apple Podcasts, Spotify, TuneIn, and our RSS feed for Overcast and other podcast players.
New episodes of Quick Charge are recorded, usually, Monday through Thursday (and sometimes Sunday). We’ll be posting bonus audio content from time to time as well, so be sure to follow and subscribe so you don’t miss a minute of Electrek’s high-voltage daily news!
Got news? Let us know!
Drop us a line at tips@electrek.co. You can also rate us on Apple Podcasts and Spotify, or recommend us in Overcast to help more people discover the show!
Read more: E-quipment highlight | Palfinger FLS 25 eDRIVE truck mounted forklift.
FTC: We use income earning auto affiliate links. More.
Environment
Banana auction billionaire’s $30 million investment in Trump’s crypto token highlights new ways to enrich president-elect
Justin Sun, founder of blockchain platform Tron, poses for a photograph in Hong Kong, China, on Friday, May 8, 2020.
Calvin Sit | Bloomberg | Getty Images
Tron blockchain founder Justin Sun has invested $30 million into Donald Trump’s crypto project, World Liberty Financial, he announced Monday.
“We are thrilled to invest $30 million in World Liberty Financial @worldlibertyfi as its largest investor,” Sun wrote in a post on X.
Sun recently made national headlines when he spent $6.2 million at a Sotheby’s auction for a banana duct-taped to a wall.
World Liberty Financial, the Trump-branded crypto platform, aspires to be a sort of digital asset bank, where customers will be encouraged to borrow, lend and invest in digital coins.
Trump has licensed his name and promotional considerations to the venture through an LLC, with no assumption of liability. In exchange, Trump’s LLC received billions of tokens and the right to 75% of revenues above a $30 million threshold.
The platform launched a WLFI token last month, and said in a roadmap that it was looking to raise $300 million at a $1.5 billion valuation in its initial sale.
Before Sun’s investment, $21.2 million worth of the token had been sold. As of Monday afternoon, $51.2 million worth of the token had been sold, according to its website. Sales now appear to have crossed the $30 million threshold to trigger revenue distribution to Trump’s LLC.
“The U.S. is becoming the blockchain hub, and Bitcoin owes it to @realDonaldTrump ! TRON is committed to making America great again and leading innovation. Let’s go!” added Sun.
WLFI co-founder Zachary Folkman has said “well over 100,000 people” are on the whitelist to invest in the token. But as of Monday afternoon, only about 20,400 unique wallet addresses hold the token, according to blockchain data tracked by Etherscan, representing roughly 20% of the total number of people who registered.
“There have been a number of similarly significant purchases in recent weeks, and we are confident about future success and building out something that helps to make finance freer and fairer,” Folkman said in a statement. “We expect more such developments to happen in the coming weeks and months.”
While Trump does not take office until January, Sun’s investment in WLFI, and the revenue it appears to direct to Trump’s LLC under the terms disclosed, highlights the way Trump’s newer business ventures, like his social media company Trump Media Technology Group and this crypto venture, could offer more direct opportunities for individuals to enrich the president-elect than Trump’s hotels and office buildings did.
During Trump’s first term in office, there were near constant questions about whether foreign governments’ lavish spending on rooms and banquets at Trump’s Washington, D.C. hotel amounted to violations of the Constitution’s “emoluments clause.”
The clause bars federal office holders from accepting payments or things of value from foreign governments and their representatives.
But Trump’s hotel rooms and office space have relatively fixed prices, and costs that cut into total profits.
By contrast, the investors in Trump’s newer ventures — as demonstrated by Sun’s token purchase — can inject tens of millions of dollars, instantly, with little to no cost to Trump.
Spokespeople for the Trump presidential transition, World Liberty Financial and Sun’s Tron did not immediately reply to requests for comment.
Sun’s purchase comes as Trump actively works to assemble his list of appointees. The president-elect wrapped up cabinet appointments over the weekend and has since moved on to other agency and department leaders.
Coinbase CEO Brian Armstrong reportedly met with Trump to discuss appointments on Nov. 18. Within a day, conversations swirled about the potential for Trump to create the White House’s first crypto czar.
By the end of the week, longtime crypto foe and SEC chairman Gary Gensler, whose term doesn’t expire until June 2026, announced he would be retiring on Inauguration Day.
Trump has yet to select a nominee to lead the SEC in Gensler’s place. Under new leadership, the securities regulator could choose to drop some of its enforcement actions against major crypto ventures. It’s unclear how Tron’s case could be impacted.
In March 2023, the commission unveiled fraud and unregistered securities charges against Sun, alongside separate violations against the celebrity backers of his Tronix and BitTorrent crypto assets, which included Jake Paul, Lindsay Lohan and Soulja Boy.
The SEC alleged that Sun engaged in fraud by manipulating the trading activity of the two tokens, creating the appearance of active trading when it did not exist. The unregistered offer and sale charges, on the other hand, are similar to charges the SEC has unveiled against other crypto offerings and exchanges, including Genesis, Gemini, Coinbase, Binance, and Kraken.
The crypto industry showed up in force this election cycle. Several notable sector leaders including Gemini co-founders Tyler and Cameron Winklevoss, as well as multiple C-suite executives from crypto firms battling the SEC, donated to PACs supporting the Trump campaign.
Veteran bicycle brand and e-mobility innovator Huffy is joining the Black Friday sales festivities with an exclusive deal for Electrek readers on its 36-volt Electric Green Machine drift trike. Use the promo code below for 30% off your purchase.
Huffy puts over 130 years of experience into its products
Huffy is easily a household name in bicycles. The company is celebrating over 130 years in the segment and has shown no signs of slowing down. The brand is sold across thousands of retail locations and ships millions of bikes to customers throughout the US and 40 additional international markets each year.
The Huffy name is known for products that deliver riders comfort, style, and durability. Whether on a bike, trike, scooter, or ride-on, there’s something for every member of the family to enjoy. Since 2019, Huffy has been calling riders together with its rally cry, “Live the Ride,” which encourages families to celebrate togetherness by exploring the outdoors atop its products.
Whether that means leisurely rides through local parks with friends, family outings, traversing local trails, or exploring new cities during a summer getaway, Huffy strives to remind riders of the simple youthful joy that riding can bring.
Since Huffy launched the 20” Green Machine in 2023, teens and adults have been asking for a version that would allow them to experience the same adventure, fun, and thrill of each spin and drift. Huffy answered the call with their new Electric Green Machine, a nostalgic and electrified version of the classic drift trike Huffy fans know and love. This powerhouse drift-trike is packed with 36 volts of electric power and a 250-watt front hub motor that lets riders reach exhilarating speeds of up to 15 miles per hour. Perfect for thrill-seekers ages 14 and up, the Electric Green Machine reignites the fun and excitement of childhood rides.
All of Huffy’s products, including the Electric Green Machine seen below, are thoughtfully crafted for the moments that happen when you pop up your kickstand and see where the path takes you. In the case of the E-Green Machine, Huffy wants riders to unleash a whirlwind of thrilling drifts and slides right when they climb into the cockpit.
To help even more riders experience holiday thrills this season, Huffy is offering an exclusive discount on the Electric Green Machine for Electrek readers. Whether buying it for yourself or friends and family, the Electric Green Machine is the perfect gift to put under the tree this holiday season. If you’re ready to start drifting, use the promo code below to save some “green” on your purchase⎯but only for a limited time!
Don’t miss Huffy’s Black Friday deal on the Electric Green Machine
The new Electric Green Machine is available on Huffy.com for $599.99. However, you can use promo code “ELECTREKGM” at checkout for 30% off your purchase (valid on the Electric Green Machine only).
Huffy’s Black Friday deals are available now, but only until 11:59 PM on December 8, 2024, so act quickly while supplies last. This year, holiday thrills start with red and green at Huffy. Be sure to take advantage of this limited-time offer and check out the other limited-time deals on Huffy’s site this week (offering up to 55% across a range of products).
FTC: We use income earning auto affiliate links. More.
-
Sports2 years ago‘Storybook stuff’: Inside the night Bryce Harper sent the Phillies to the World Series
-
Sports8 months agoStory injured on diving stop, exits Red Sox game
-
Sports2 years agoMLB Rank 2023: Ranking baseball’s top 100 players
-
Sports1 year agoGame 1 of WS least-watched in recorded history
-
Sports3 years ago
Team Europe easily wins 4th straight Laver Cup
-
Environment2 years agoJapan and South Korea have a lot at stake in a free and open South China Sea
-
Environment2 years agoGame-changing Lectric XPedition launched as affordable electric cargo bike
-
Business2 years agoBank of England’s extraordinary response to government policy is almost unthinkable | Ed Conway