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.
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Twitter CEO Jack Dorsey testifies during a remote video hearing held by subcommittees of the U.S. House of Representatives Energy and Commerce Committee on “Social Media’s Role in Promoting Extremism and Misinformation” in Washington, U.S., March 25, 2021.
Handout | Via Reuters
Block jumped more than 5% on Monday, leading a rally in shares of fintech companies as analysts downplayed the threat of JPMorgan Chase’s reported plan to charge data aggregators for access to customer financial information.
The recovery followed steep declines on Friday, after Bloomberg reported that JPMorgan had circulated pricing sheets outlining potential fees for aggregators like Plaid and Yodlee, which connect fintech platforms to users’ bank data.
In a note to clients on Monday, Evercore ISI analysts said the potential new expenses were “far from a ‘business model-breaking’ cost increase.”
In addition to Block’s rise, PayPal climbed 3.5% on Monday after sliding Friday. Robinhood and Shift4 recorded modest gains.
Broader market momentum helped fuel some of the rebound. The Nasdaq closed at a record, and crypto rallied, with bitcoin climbing past $123,000. Ether, solana, and other altcoins also gained.
Evercore ISI’s analysts said that even if JPMorgan’s changes were implemented, the most immediate effect would be a slight bump in the cost of one-time account setups — perhaps 50 to 60 cents.
Morgan Stanley echoed that view, writing that any impact would be “negligible,” especially for large fintechs that rely more on debit, credit, or stored balances than bank account pulls for transactions.
PayPal doesn’t anticipate much short-term impact, according to a person with knowledge of the issue. The person, who asked not to be named in order to speak about private financial matters, noted that PayPal relies on aggregators primarily for account verification and already has long-term pricing contracts in place.
While smaller fintechs that depend heavily on automated clearing house (ACH) rails or Open Banking frameworks for onboarding and compliance may face real pressure if the fees take effect, analysts said the larger platforms are largely insulated.
WATCH: Congress moves to redraw $3.7 trillion crypto market rules, opening door to Wall Street
The global EV market is still charging ahead. According to new numbers from global research firm Rho Motion, 9.1 million EVs were sold worldwide in the first half of 2025, up 28% compared to the same period last year. But not every region is accelerating at the same pace.
China and Europe are doing the heavy lifting
More than half of the world’s EVs this year have been bought in China. That market hit 5.5 million sales in the first six months of 2025 – a 32% jump year-over-year. Around half of new cars bought in China are now electric.
While some Chinese cities’ subsidies have dried up, Rho Motion expects momentum to pick back up later in the year as more funding is released.
In Europe, 2 million EVs were sold in the first half of the year, up 26%. Battery electric vehicle (BEV) sales also rose 26%, thanks in part to affordable models like the Renault 4 (pictured) and 5 entering the market. Plug-in hybrids (PHEVs) weren’t far behind, growing 27% year-to-date. Chinese automakers are leaning into PHEVs as a way to work around the EU’s new tariffs on BEVs.
Spain is leading the pack with EV sales soaring 85% so far this year. Its generous MOVES III incentive program was extended in April and has kept sales strong. The UK and Germany are also seeing solid growth – 32% and 40%, respectively. France, however, is slumping. With subsidies cut, EV sales there have dropped 13%.
North America is stuck in the slow lane
Things aren’t looking quite as bright in North America. EV sales in the US, Canada, and Mexico are up just 3% so far this year.
Mexico is the one bright spot, with a 20% boost. The US is up 6%. But Canada is down a whopping 23%.
And things could get bumpier. On July 4, Trump signed Congress’s big bill into law, which axes all the Inflation Reduction Act EV tax credits. Those consumer credits for EVs now officially end on September 30.
Just over half of the EVs sold in the US this year qualified for those credits. Rho Motion predicts a rush in Q3 before the subsidies disappear – and a decline in sales after that.
Rho Motion data manager Charles Lester said, “With Trump’s latest cuts in his ‘Big Beautiful Bill,’ the US could struggle to see any growth in the EV market overall in 2025.”
Global EV sales snapshot, H1 2025 vs H1 2024
- Global: 9.1 million (+28%)
- China: 5.5 million (+32%)
- Europe: 2.0 million (+26%)
- North America: 0.9 million (+3%)
- Rest of world: 0.7 million (+40%)
Read more: China breaks records as global EV sales hit 7.2 million in 2025
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Lucid’s electric sedan can drive further, charge faster, and packs more advanced tech than most of the competition. That might explain why it’s leading the segment. The Lucid Air remained the best-selling luxury EV sedan in the US after widening its lead in the Q2.
The Lucid Air is America’s best-selling luxury EV sedan
The 2025 Lucid Air Pure arrived as the “World’s most efficient car” with an EPA-estimated range of 420 miles and a record 146 MPGe.
It just set a new Guinness World Record last week for the longest journey by an electric car after travelling 749 miles (1,205 km) on a single charge.
That record was set in the range-topping Lucid Air Grand Touring model, which is rated for up to 512 miles of EPA-estimated range. On the WLTP scale, it’s rated at 597 miles (960 km). Either way, it still crushed the estimates.
According to second-quarter sales data, released by Kelley Blue Book on Monday, the Lucid Air is still America’s best-selling luxury EV.
Lucid sold 2,630 Air models in Q2, up 10% from the previous year. Through the first half of 2025, Lucid Air sales are up 17% with 5,094 units sold.
Tesla, on the other hand, only sold 1,435 Model Ss during the quarter, 71% fewer than it did in Q2 2024. Tesla Model S sales in the US are down 70% through the first half of the year at 2,715.
Although Porsche Taycan sales were up 32% with 1,064 models sold, the significantly upgraded 2025 model year was expected to see even more demand. Porsche has 2,083 Taycans in the US this year, up just 1% from 2024.
Other luxury EV sedans, such as the BMW i5 (1,434), i7 (820), and the Mercedes EQS (498), experienced steep double-digit sales declines year-over-year.
And it’s not just electric luxury sedans. The Lucid Air is currently outselling many gas-powered vehicles in its segment.
Lucid’s first electric SUV, the Gravity, is also rolling out. Although only five were sold in the second quarter, Lucid is quickly scaling production. Lucid aims to produce 20,000 vehicles this year, more than double the roughly 9,000 it built in 2024.
Earlier today, Lucid’s interim CEO, Marc Winterhoff, confirmed during an interview with Bloomberg that the company expects higher Gravity output in the second half of the year.
The interview was at the grand opening of Panasonic’s new battery cell plant in De Soto, Kansas. Winterhoff said Lucid will start using new cells from the facility, but not until next year.
Lucid’s CEO stressed the importance of establishing a local supply chain, as policy changes under the Trump Administration are taking effect. Lucid and Panasonic are collaborating to localize EV materials, such as graphite. Last month, Lucid secured a multi-year supply agreement with Graphite One for US-sourced Graphite.
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