3 Reasons the Best Electric SUV for the Money Has to Die in 2023
Some nameplates just aren’t destined to last, despite how much value they provide for the money. Chevrolet is officially sentencing its most affordable electric SUV model to death. The question is, why? Why would an automaker with ambitions to become a top-three producer of electric vehicles scrap its most affordable electric SUV? The answer may not be as complicated as you think.
The 2023 Chevy Bolt EUV can’t change the past
What did the Chevrolet Bolt EUV electric subcompact SUV do to deserve such a cruel fate? The discontinuation of the affordable EV has a lot to do with its past, and its controversial cousin.
The Chevy Bolt EUV is based on the Bolt EV small electric hatchback. The Bolt EV was produced back in 2016. After seven model years, Chevrolet’s electric hatchback went from stardom to arguably being one of the scariest electric vehicles ever produced.
The Chevrolet Bolt EV’s sad tale is one many EV fans and skeptics are very familiar with. In fact, many skeptics cite the Bolt’s demise as the reason why electrification is much more complicated than it seems. Long story short, the Bolt EV used LG batteries that overheated. Overheating batteries caused some models to catch on fire.
Flaming EVs may seem hyperbolic, but unfortunately, the threat was real enough for General Motors to issue a mass recall of what was its most successful electric vehicle. The Bolt EUV, built on the same platform, was also recalled. Both models have since been re-released with fresh new designs and attractive starting prices. Despite GM’s best attempt at saving face, it seems the American automaker has come to terms with the fact that some consumers just don’t trust the Bolt EV and Bolt EUV.
Chevy is making room for a new EV platform
It’s no secret that General Motors aims to be one of the largest producers of electric vehicles in the world. After all, companies like GM are investing billions of dollars into the production and development of new electric vehicle nameplates. Every company is playing to win.
General Motors has accepted that the Bolt EV and Bolt EUV have become liabilities in the company’s mission to promote mass electrification across its portfolio of brands. Chevy is starting over with a clean slate and introducing its newest EV, the 2024 Chevrolet Equinox EV, in the fall of 2023.
The Chevy Equinox EV has a starting price of around $30,000, which is incredible for a small electric SUV. If it’s eligible for the federal electric vehicle tax incentive, it could start closer to $22,500. The Equinox EV uses the brand’s new Ultium platform, unlike the Bolt and Bolt EUV.
Margins matter when it comes to EV pricing
The 2023 Chevy Bolt EUV starts at $27,800. It’s the most affordable subcompact electric SUV by a long shot. In fact, the Bolt EUV’s pricing could be hurting profit margins, but Chevrolet has to make its pricing appealing after reliability issues.
Axing the Bolt EUV is GM’s way of going back to the drawing board and exploring new EV nameplate possibilities. These new nameplates will need healthy margins to be sustainable over time. According to Forbes, Chevrolet will discontinue the Bolt EV and EUV at the end of 2023.