The Chevy Bolt EV has won an ALG Canada Residual Value Award in the mass-market electric segment.
ALG, which is the residual-value focused arm of research firm J.D. Power, published the results of its 2022 Canada Residual Value Awards this week. General Motors Canada performed well in the study, with the Detroit-based automaker’s Canadian subsidiary most of its rivals for the most segment-level awards at six.
For the 2022 model year, ALG awarded a total of 16 different brands across 29 vehicle segments. The evaluation process accounted for 274 different vehicle model lines, which were analyzed on a variety of factors including used market performance, brand outlook and overall product competitiveness.
Eligibility for a brand award required a manufacturer to have model entries in at least four different segments, which meant Tesla vehicles could not be accounted for. This is an important point for the Chevy Bolt EV, as it may have had stiffer competition from the Tesla Model 3 in the mass-market electric segment if this weren’t the case. Regardless, the Chevy Bolt EV was determined to be the best EV with regard to value retention of the eligible manufacturers.
In addition to the Chevy Bolt EV, other GM vehicles that took home segment-level residual value awards included the Chevy Corvette, Chevy Silverado 2500HD, GMC Yukon and GMC Savana.
Eric Lyman, vice president of ALG, was impressed with the fact that Chevy managed to secure residual awards in three very different vehicle segments.
“Noteworthy is Chevrolet’s success across a variety of key segments—EV, full-size heavy duty pickups and performance sports car—that showcase the brand’s enviable product diversity,” Lyman said.
The only automaker to perform as well as GM in this study was Toyota, which won awards for the Camry sedan, RAV4 crossover, Highlander and 4Runner SUVs, Tundra and Tacoma pickups and the Sienna minivan.
“There’s not much brand diversity in the winners for 2022, meaning that the few brands at the top have found their niche—especially Toyota with its continued dominance in the utility and pickup segments,” Lyman observed.
GM will launch its own used car sales service this year called CarBravo, which will sell used examples of both GM vehicles and vehicles from other automakers.
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Comments
Nice this is the hottest award of the year.
No pun intended? Please tell me no pun intended 🙁
😂👍
Wait a minute. They award a residual value award to the 2022 Chevrolet Bolt EV???? Chevrolet hasn’t produced the Chevrolet Bolt EV since they stopped production of the Bolt EV in “May, 2021”. And then recalled all 140,000+ older Bolt EVs because the batteries overheated and burned the cars to the ground!
Gotta love those Canadians, lol!
Thankfully they dont show those stupid GM JD powers commercials anymore.
So Toyota and GM paid off JD power?? I don’t think so 🤔. I have owned I have owned six GM vehicles and I can say this that when GM puts their very best effort into a product it can be just as good as a Toyota… Of course GM has had their flops and mistakes but from my 1997 Chevy Lumina, 2001 Pontiac Grand Am, 2002 Camaro Z28, 1996 Chevy Blazer, 2010 Chevy Equinox, 2019 Buick Enclave… All great vehicles. My cousin who is in his 60’s now used to own 1980’s Buick century before he switched to Toyota… Until this day he still says how great a car the Buick was. Me I like both brands Toyota and GM! Glad they made the list.
Huh?
Maybe the projected resale value went up as each of these cars will get a brand new battery?