GM declares a brand new Chevy Bolt EV primarily based on its Ultium battery tech

Normal Motors introduced right now that it’s creating a next-generation Chevrolet Bolt primarily based on the automaker’s Ultium battery and drive know-how to ship “nice affordability, vary and know-how.” It’s following three electrical automobiles Chevrolet is already scheduled to launch this yr: the Equinox and Blazer SUVs and the Silverado pickup truck.

GM CEO Mary Barra stated through the firm’s Q2 earnings name that the brand new Bolt might be delivered to market on “an accelerated timeline” however didn’t present particular particulars concerning a launch date for the inexpensive EV after GM introduced in April that it will cease manufacturing the unique mannequin that was suffering from fires and an costly battery recall.

“Our prospects love right now’s Bolt. It has been delivering report gross sales and a number of the highest buyer satisfaction and loyalty scores within the trade,” stated Barra. “We’ll hold the momentum going by delivering a brand new Bolt…and we’ll execute it extra shortly in comparison with an all-new program with considerably decrease engineering expense and capital funding by updating the car with Ultium and Ultifi applied sciences.”

Ongoing provide points are reportedly hindering GM’s manufacturing of Ultium batteries

The lacking launch date is one other reminder of ongoing provide points which might be reportedly slowing down GM’s manufacturing of Ultium batteries. Based on a report printed by The New York Occasions on Tuesday, many of the 50,000 EVs produced by GM within the first half of this yr nonetheless use older third-party batteries, and GM has offered fewer than 2,800 automobiles within the US that make the most of its new Ultium battery packs.

Earlier this month, the Detroit Free Press reported that battery manufacturing was being hindered by in depth points with its provide chain. GM’s president of North America, Rory Harvey, claimed that the one provide chain problem impacting manufacturing was concerning battery module capability and stated he anticipates “much more EVs being constructed within the second half of this yr.”

At current, Ultium batteries are solely utilized in a handful of GM automobiles — together with the Cadillac Lyriq SUV, the $90,000 GMC Hummer, and supply vans beneath the automaker’s BrightDrop subsidiary model.

Throughout a convention name with reporters on Monday, GM chief monetary officer Paul Jacobson stated that “it’s been a bit of bit difficult” however claims that the corporate continues to be on track to make 100,000 EVs within the second half of 2023 because it ramps up manufacturing. Again in February 2022, Barra introduced the automaker’s plan to ship 400,000 electrical automobiles in North America by 2023, with the formidable purpose of manufacturing 1 million EVs within the area by 2025. That preliminary 400,000 unit deadline was already pushed again to 2024 in October final yr attributable to points with battery manufacturing.

The opening of extra battery manufacturing amenities in Tennessee and Michigan is anticipated to alleviate sluggish manufacturing

GM has spent some huge cash on its EV improvement. The corporate introduced plans to speculate tens of billions of {dollars} to develop its Ultium batteries when it first unveiled its modular EV platform again in 2020. A few of that money has been sunk into constructing Ultium battery cell vegetation within the US — the batteries are being produced at a $2.3 billion joint manufacturing facility in Ohio that GM established with LG Power, with two extra amenities beneath building in Tennessee and Michigan.

The delays in rolling out the brand new battery tech don’t appear to be having a big affect on GM’s money consumption.

Based on the corporate’s Q2 2023 earnings report this morning, GM made a revenue of $2.6 billion between April and June, up from $1.7 billion in the identical interval final yr. General income for the second quarter additionally jumped by virtually 20 %, from $35.8 billion final yr to $44.7 billion. Barra stated in a letter to shareholders that regardless of hitting its 50,000 EV unit manufacturing objectives for the primary half of the yr, GM is “taking steps to decrease our capital spending,” aiming to chop working prices by a further $1 billion by the top of 2024.

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