Chevrolet is rapidly closing the gap with Tesla in the US electric vehicle market, driven by strong demand for its new Equinox and Blazer EVs, which have seen significant sales growth and market share increase, making Chevy the fastest-growing EV brand in the country.
General Motors CEO Mary Barra announced that the company will end production of the Chevrolet Bolt EV and EUV by the end of this year, despite the vehicle's recent success and increased production. GM is focusing on profitable electric vehicles and aims to deliver single-digit profits off its EV portfolio by 2025, when it plans to have a production capacity of 1 million electric vehicles in North America. The company's next-generation EVs, built on a new architecture known as Ultium, are expected to be profitable, unlike the Bolt models. GM will replace the Bolt with the upcoming Equinox EV, starting at around $30,000.