The Chevy Bolt Was A Popular EV In January 2023
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Thanks in large part to President Biden’s efforts to move production of electric vehicles and their components to North America, EV incentives have been driving up sales of all-electric vehicles that are built domestically. Among the list of EVs that have seen an increase in the number of registrations in January 2023 are the Chevy Bolt EUV and Chevy Bolt EV.
According to a report by Automotive News, eight of the top 10 EV registrations were vehicles manufactured primary in North America, including three models from Tesla, two models from Ford, the new ID.4 from Volkswagen, and the aforementioned Chevy Bolts.
2023 Chevy Bolt EUV
Notably, the Chevy Bolt EUV ranked third with 4,928 registrations, while the Chevy Bolt EV ranked eighth with 2,526 registrations. As a reminder, the Bolt EV is the most affordable all-electric vehicle in the U.S. market with a starting MSRP of $27,495.
2023 Chevy Bolt EV
This rise in registrations at the expense of imported EVs like the Hyundai Ioniq 5 and Kia EV6 comes as a direct result of Inflation Reduction Act and the corresponding Federal EV incentives. For those who may be unaware, here’s a quick breakdown on how manufactures can tap into this $7,500 Federal EV tax credit:
- Minerals – Beginning in 2023, 40 percent or more of the critical minerals used in batteries must be manufactured or assembled in North America. This percentage rises by 10 percent every following year.
- Components – Beginning in 2023, 50 percent or more of the value of the EVs battery components must be manufactured or assembled in North America. This percentage rises by 10 percent every following year.
In order to qualify for the full credit, electric vehicles must meet both requirements. If only one of the requirements is met, the EV will only be eligible half of the $7,500 credit.
“The sales trend for green vehicles, starting with hybrids 20 years ago and more recently for EVs, has consistently been tied to government incentives,” iSeeCars executive analyst Karl Brauer was quoted as saying. “When strong incentives are attached to a given vehicle, that vehicle will see improved sales. The reverse is also true. When government incentives are reduced or eliminated, the target vehicles will see a notable decline in volume.”
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While this is an improvement for the Bolt EV/EUV with ~7500 sales in January (possibly 23k for Q1), consider that Tesla will sell a record 180k Model 3/Ys in the US in Q1 with 20% margins. This is roughly 1/3 of GMs total US sales. GM needs to be selling a minimum of 100k Bolts per quarter to make it a worthwhile investment and better figure out how to ramp production as over-promised. The Lyric would be selling better than these Bolt numbers if they would/could ramp up, but are still battery constrained (and will remain so for years). This article paints a rosy picture of Bolt sales success because it is beating more expensive Ford/Hyundai offerings in the BEV space by avoiding the fact that all of the legacy OEMs are simply getting the scraps and that Tesla is selling more BEVs in the US than all OEMs combined times 2.5-3x without the expense of producing 30 models, etc. The mindset seems to be ‘at least we’re beating those guys’. Even Jim Farley recognizes that their competition is not GM, but Tesla and the incoming wave of Chinese BEVs.
The Bolt is a stop gap. What they need to be selling in volume is Blazers, Equinoxes, Hummers, Silverados and Sierras.
It’s likely battery constraints will continue to be the biggest bottleneck, but they *are* bringing a lot of capacity online, so should start posting much bigger numbers in the second half of the year and going forward. They *are* ramping up, and the pipeline promises to be massive (especially with the expansion of the Spring Hill plant even before it’s started production and the fast tracking of the Lansing plant).
Fred: You make a good point. I will give something to think about. First, take a real good look at the Tesla’s offered. Even though they call the Model X an “SUV”, it’s really more of an extra large hatch at best. The rest of what Tesla sells are essentially sedans. I personally believe that is part of their success and IMO kills off Matthew Berg’s theory that everyone should be buying SUV’s and trucks. Not everyone want those pigs.
So yes, Tesla is selling well. Now let me share why I won’t buy one. First and foremost, Elon Musk. With the exception of a certain orange fat guy in Florida, I can’t think of any one person whom I dislike more than Musk. I have zero desire to give him one cent of my money. Secondly, they are all just too much money. Third, you can’t get any Tesla under $60,000 that doesn’t have the obnoxious computer screen stuck on top of the dash. And lastly, you can’t get a Tesla of any sort without the glass roof. I don’t like them. I don’t feel safe in them. I can’t be having the sun shining on me giving me issues. Therefore I purchased a really nice Bolt EV for well under $30,000 that is a fantastic car thus far, but I’m keeping my fingers crossed that GM will be offering a real sedan (car) EV soon. My only real complaint about the Bolt is that it’s trying too hard to look CUV-like and it has that nasty black plastic all over the bottom that I hate.
I didn’t say everyone should be buying SUV’s and trucks. I said GM needs to be selling Ultim vehicles in volume, not BEV2 platform vehicles.
I sincerely hope that GM is working on a successor to the Chevy Bolt based on the new platform. “Spark” would make a perfect name for a subcompact EV, come to think of it.
Sure a Tesla has a big head start, but GMs EV efforts haven’t even kicked in yet. Bolt is being built out and when essentially replaced by Blazer EV and Equinox EV, along with Silverado EV, GMs EV sales will skyrocket. Will they overtake Tesla? Who knows but Teslas EV market share will tumble with multiple manufacturers offering dozens more EV models through dealers in every corner of the US, unlike Teslas direct sales model offering very limited outlets and even fewer service centers.
Bob Lutz:
Well, humm, they made an electric S-10, and CORVAIR, and a more serious EV-1, but then
They only REALLY started back in 2008 with the first designs of the Chevy VOLT, which at first looked like a Camaro but then transitioned into an upscale Cruise.. Ok so they’ve only been at this for 15 years – and have discontinued far more vehicles than essentially the ONE BOLT (EV and EUV – i’ve had both of them and they are essentially the same) Car they currently sell. Photoshop execution on the Brochures doesn’t count at all in my book – besides – they constantly change their minds as to what trims they will sell.
Apparently after just beginning 15 years ago, they certainly do not feel like rushing much now.
Meanwhile they are so far behind on the Hummer EV HALO vehicle and the more run-of-the-mill Caddy LYRIQ (think Blazer EV) that by some counts there is only a 90 year backlog of reservations; except in China of course where it is quite apparent the Chinese have little problem with effective execution….
It won’t be too much longer, due to financial collapse in the states, or warring with China, that GM will be shown the door, since CHINA has learned all they will ever learn from GM, and why share even a minority of the profit with them? After All, GM has almost bragged that they are not an American car company any longer…. If that is the case, they better continue talking nicely to Mexico since that will be pretty much all they have left.
GM still owes me a new BOLT battery, and I’ve been waiting either a year or year and a half for a LYRIQ, depending on who is counting… I hope the company doesn’t go tits up before they produce what they owe me.
GM is making record profits in recent years off trucks and large SUVs to help fund the ICE to EV revolution. The battery cost is not below ICE so there is no rush with only Warren, Ohio, battery factory ramping up 20% every quarter since last August.
Wait for the Equinox EV and supporting battery supply before record sales start.
Dan B, My concern for GM is that by the time they get their sh!t together it will be too late. Tesla is already has 1/3 of GMs US sales and globally by the end of this year will be just under 1/2 of GMs sales basically on the back of ONE platform (3/Y). The current carnage of GM, Toyota, Honda, VW ICE sales in China will have a huge impact on capital investment for these automakers. Consider that there are over 4M cars on lots in China from Western OEMs that will not pass July emissions while Tesla will have a record Q1. These OEMs rely on China for profits and are giving them away.
Agreed.
I know that a lot of people on here don’t want or like EV’s and I don’t blame them and certainly wouldn’t tell them they must buy/lease one. But the reality is that the industry is very quickly (too quickly??) moving to all EV with I’m sure a small carve-out for heavy duty trucks like Silverado HD, etc. What this does is place the manufacturers in a real predicament. Move too slowly (Toyota in this case) and lose big or move too quickly and alienate too many (GM?) loyal customers. This is where Tesla has an advantage as they have never produced (to my understanding) anything but EV’s. But all this matters not to me as I could never get myself over the line to get any Tesla at this point.
anybody find a phone holder that works on a bolt ?
For what? I know a phone, but why? You have wireless Carplay and you should have your phone connected with Bluetooth. The idea of all this connected stuff is to make driving safer, so by using these things you can leave your phone in your pocket or the cubby in front of the PRND buttons. No need for a phone holder.
you don’t understand, I can’t use android auto for my work, use my phone alot and need a holder
Jim: Even if you use your phone a lot and even if it’s a work phone, why can’t you use Android Auto? There shouldn’t be any restrictions for that as it just uses your phone through the car’s system and allows you to use maps/nav, phone, text message via speech, etc. Apple CarPlay and Android Auto are two of the best techs to have in a car because it makes driving safer. Using it isn’t like being on Tik Tok or whatever other stupid social media things. Between these and/or Bluetooth, it’s the best way to be safer on the road when using your phone without actually looking at it.
I run multiple apps for work at same time and both have their own built navigation which won’t display on Android auto
Does the 2023 Bolt meet the requirements for the entire $7500 tax credit?
It currently gets the full amount, as the sourcing rules haven’t been published yet. I think GM has said after the rules kick in, it would only qualify for 1/2.
I think they are expecting by 2024 for all their North American made EVs to qualify for the full amount, as they reshuffle supply chains.
doubt any Bolt owners will get 7500, of you do your taxes and owe 7500, then you will get it, but if you only owe 500 bucks, well thats all you will get, and there are no carry overs, its one and done, people that owe 7500 when their taxes are done are people with a much higher income, and those people wont be Bolt buyers, but what ever you get is better than nothing
jimm: Interesting point. I purchased my Bolt in January and thus qualify for the full $7,500. However, I always get a refund when doing taxes, so when I did my research, I realized that it wouldn’t truly benefit me much if at all. So I went to my work and adjusted my tax withholding so that they would take almost zero federal taxes out of my check. Doing this would create a situation where I would most likely own some taxes for the 2023 year. This was a way to immediately take advantage of buying the Bolt (by having more money in my check every two weeks) and paying less to the government. If I did it correctly, the $7,500 tax credit will wipe out any owed tax and maybe still give me a tiny refund. Who knows for sure, but that’s my hope. Then for 2024 I will go back to the normal withholding like before. This was the only way I could see where I’d actually get the advantage of the $7,500.
That will work, I never have to pay , so it won’t work for me
It doesn’t matter how big your refund is, it’s how much you actually owe in taxes. I could have 20k withheld from my paycheck and not owe a cent in taxes, but it would be foolish to do that. I could also have 20k withheld from my paycheck and have a tax bill of $7500 which would mean a $12500 refund.
But if I bought a Bolt and had the $7500 tax credit, I would get my full 20k back. Again it has nothing to do with what you have withheld if has to do with what your tax bill is.
One of the YouTube pods I watch reviewed an Audi EV. It sold for about $100K. Anyway, it was fantastic in many ways except the cold weather brought the estimated mileage per charge down by about one third. This was attributed to the draw down by the heater. Correct me if I’m wrong, didn’t the old air-cooled VW’s use some sort of gas heating system?
Why then do EV’s use their battery for heat? I know it’s instant heat but at what cost? I assume cooling in hot months will be another issue although compressors could run off the axles or something else that spins on the vehicle.
Rosco:
The VW Beetle was elegantly engineered in the 1930’s by among others, Ferdinand Porsche from a concept by Adolf Hitler, the then German Chancellor. There was one FAN at the end of the 130-200 watt (depending on the year) Bosch Generator shaft which performed all cooling/heating functions…By 1967 the Beetle was growing beyond its simple roots, and even VW forgot the bare-bones aspect of the car was what made it desirable to American Customers beyond what Detroit was offering, since the electricals, engine, and, with the superbeetle, even the car got much larger, much more expensive and much less desirable since the basic TALL bare-bones Beetle in the 60’s had enough room for a 6′ 8″ friend to drive in comfort.
The air first was blown past the heat sinks on the 4 cylinders, which then after that pre-heating went on to a heat exchanger in the MUFFLER to be heated the remainder of the way from the previously hot exhaust gasses… In the summer time the heated air flow was just exhausted but if a mechanical door control was operated in the passenger cabin, the heat would heat the cabin and defrost the windshield. No electric blower was needed since the engine air cooling and muffler heat exchanger performed all the heating function without ANY increase in Gasoline consumption as a for instance the first year of the 1960 Chevy Corvair, with a gasoline heater..
Chrysler through advertising the Plymouth Valiant, by using otherwise wasted jacket heat of the Marvelously reliable ‘Slant 6’ engine at the time RAKED the Corvair over the coals due to lousy gas mileage when the gasoline heater was running, and by 1961 and later the heating came from residual engine air heat… Due to the unplanned for space for air ducting, an additional Electric blower was necessary to get sufficient air volume to the cabin… But the end result used up more electricity and recouped much less percentage otherwise wasted heat than the elegant and efficient Porsche system in the Beetle.
Since Battery Electricity is so Dear, supposedly all the future ULTIUM vehicles (other than a precious few already delivered) will use a heat pump system to provide the majority of the heat for the cabin. I have yet to see anyone do a serious review of the system, probably due to the almost non-existence of them. The battery pack heating required supposedly also will not be resistance heat as it is now, but will also use the ULTIUM heat pump system…
We’ll See.
Bill: That was an excellent explanation. I actually learned some things about the older VW type cars. Thanks for that.
Rosco: I can’t say for the Audi EV’s, but losing 1/3 of the range seems a bit too high. Although I live in southern California, the weather here since I got my Bolt has been very wet, cooler and more winter like than normal for here. However, it’s still nothing like where I grew up in NW Illinois where the temps could often fall below zero with even colder wind-chills. So speaking for where I’m at now, I have seen a slight drop in the range when the temps fall below 60 degrees. If I use the heater, my range drops faster than if using the A/C (it’s strange out here where one day it’s 55 and the next 80). I will say though that I’m consistently having a range of 278 when fully charged vs. the factory rating of 259. So even if I do lose some range, it hasn’t really affected things much at all due to the higher number when fully charged. My understanding is that running the A/C has a much lower effect on the range.
Dan B.: You are more than welcome.