General Motors announced last week that it would invest $27 billion to help bring 30 new electric vehicles to market between now and 2025. Among those products will be powerful performance EVs and opulent luxury EVs as well, but the automaker is also eyeing entry-level segments with regard to its electrified vehicle strategy.
Speaking at the Barclays 2020 Global Automotive Conference last week, GM CEO Mary Barra said the automaker’s EVs will range in price from under $30,000 to over $100,000, Reuters reports. It’s likely that these sub-$30,000 EVs will consist of smaller Chevy and Buick crossover models. GM has also confirmed that it has a battery-electric “low-roof entry” coming that will fall under the Chevy brand, which could also come in at under $30,000.
GM CEO Mary Barra
GM has not said when it plans to put these sub-$30,000 EVs on sale. The company previously indicated that it would first focus on more expensive EV models like the GMC Hummer EV and Cadillac Lyriq, as these products have stronger profit margins and can help it recuperate its large investments in EVs. It will then likely turn its attention to more affordable options later on once the more profitable models have come to market.
The cheapest GM EV available right now is the Chevy Bolt EV, which retails for $37,495. The hatchback has a 200-horsepower front-mounted electric motor and 66-kWh lithium-ion battery pack, giving it an estimated maximum range of 259 miles. GM is currently working on a refreshed version of the electric hatch, along with a closely related Chevy Bolt EUV crossover model.
GM Ultium battery system
Additionally, GM is currently working on a second generation of its Ultium modular battery system, which it expects will help create more cost parity between internal combustion engine products and EVs. The automaker says the second-generation Ultium chemistry “is projected to deliver twice the energy density at less than half the cost of today’s chemistry,” which will enable it to offer longer-range EVs at lower costs.
“Climate change is real, and we want to be part of the solution by putting everyone in an electric vehicle,” Barra said at the Barclay’s conference. “We are transitioning to an all-electric portfolio from a position of strength and we’re focused on growth.”
Subscribe to GM Authority for more General Motors electric vehicle news, General Motors strategy news and around-the-clock GM news coverage.
Comments
On cars.com there are many examples of new 2020 Bolts with $37,000 MSRP and selling prices under $20,000
Umm, yeah there aren’t “many examples” of 2019-2020 Bolts selling for under 20k, in fact I couldn’t find any. I see a few selling for around 25k, which, I think, is the fair asking price for a more basic trim Bolt. A new Bolt is worth more than 20k.
I want to hear more about Chevys “low roof entry” bev that comes in around 30K. Make it look less like a mini van and more like a proper hatchback it might sell a little better. For all my harsh criticism, the Bolt is a well engineered and practical car. However the design team kind of dropped the ball, maybe GM didn’t have any money left after all the engineering. Its soooo ugly, proportions are all way off, and the details are busy and tacky.
I think that’s the main problem with the Bolt. You occasionally see them for about $27k or so brand new, and the range is decent.
But it’s just so dorky looking. No surprise, nobody wants to buy a stupid looking car.
Down vote all you want, the sales numbers show I’m right.
Yep, dork mobile.
My completely uninformed opinion is the main goal of the Bolt was to learn about the market and validate some tech. I don’t think they really cared how well it sold or how much money it made (as long as it wasn’t bleeding all over the table). I think they just wanted to get something out there quickly and sell a few thousand units to learn from and then after that didn’t really matter. Also works as a compliance car in California. I anticipate the next round of EVs to be more legitimate competitors using the knowledge they learned from the Bolt.
But it doesn’t cost that much more to design one with eye-pleasing design.
If there is an issue it could cost a lot more.
Take a look at the GM E300PLUS that was recently launched in China in the $20,000 price range with a battery that will go for 150 to 190 miles. One slight problem: not available in the USA—–Freddie
The Baojun E300 plus you mean. It’s actually only about $10k, but no way could they sell that here.
Havent seen any under 20 k but my local dearer is selling them for 26k
NOTE TO STAFF stop saying the 2020 BOLT has a 60 kWh battery…. IT HAS a 66 kWh battery!!!!
Perhaps this is the long term rating of the battery… My 2017 Bolt ev has an official rating of 57 kwh (but 60 kwh when brand new)… Analogously, you would think the ‘official’ size of the 2020 bolt evs (that can supposedly go 259 miles) would be 63 kwh, or thereabouts.
I realize the $60-80k reporter here just made a mistake, and was not trying to think about this too deeply.
Well bless her heart.
I own 2 Bolts, so I don’t care what the haters say, they are very practical and I like the looks!
I think the Bolt should start at 25K
Don’t let South Korea design any body designs on any GM cars.
The Bolt’s lead designer was “Stuart Norris”.
Yeah, this was a United States project. Cant blame this one on another country. Actually, generally speaking, I like the looks of few of the new Korean cars. The Kia Seltos looks pretty nice. I wonder who designed the Korean made Trailblazer, because despite of it’s uninspired drivetrain, it looks great.
If GM had not closed the Design Studio in Melbourne Australia, some neat looking vehicles could have been created.
so gm wants me to pay 37k for a death trap electric car with a 150-mile range when I just paid 39k for an 11000 mile practically brand new 2016 chevy SS that can run anything off the road as long as I can put gas in it. call me when you get that 700 HP electric car. I did hear about the Camaro but I like 4 doors and a sports sedan. I’m an old chevy impala caprice brougham land yacht kind of guy.
There’s a dealer near me asking $27k for a new 2020 Bolt LT.
But no way would someone like you want to drive something like that though.
Maybe wait for one of the vehicles GM keeps talking about but aren’t actually selling. Or just pick up a used Model S.
Sturart Norris needs to be sh*t-canned ASAP.
What happened to the “thousand points of light” and “a kinder gentler nation”?? There are other ways to deliver the same message with class!
Just bought a brand new 2020 Bolt for 22k out the door. They can be had already for almost half off retail price.
I doubt that’s even at cost. That has to be well below cost for them.
I can’t believe they needed to get rid of the two of them on the lot to make room for a couple of 2021s either.
Good because they need entry level products and pricing to be competitive.
I second that comment, Paul!!
Good design course just as much or less than bad design. I fault GM for taking so much time for getting ev’s out the door. After 10 years of Tesla they should have had trucks minivans SUVs and cars with basic EV design in them
Further if they’re spending $27 billion they’re wasting 20 billion of that budget. Come up with two basic platforms mid-size and large size then put different bodies on them for half a billion each there I’ve saw their problem in one paragraph