GM Authority has learned that inventory levels of the Chevy Bolt EUV were extremely low at the beginning of April 2023, according to sources knowledgeable about the go-to-market situation of GM.
The Chevy Bolt EUV was running at just 4 days supply at the start of April 2023, with only 308 individual units of the EUV on the ground at dealership lots at that time.
Running at four days supply means there are enough units currently at dealers to cover four days of sales at current levels of demand. The National Automotive Dealers Association (NADA) and other auto sales organizations consider 60 days supply to be an optimal inventory level.
The days supply figure indicates GM supply of the Chevy Bolt EUV is having trouble keeping up with current demand. The compact all-electric hatchback has inventory levels that are much tighter than those of the Chevy brand as a whole. Chevrolet had just under 60 days supply in February 2023, rebounding to inventory levels that were typical before the microchip shortage and COVID disruptions.
First quarter (Q1 2023) sales for the Chevy Bolt EUV and the Chevy Bolt EV were relatively strong. The Chevy Bolt EUV outperformed the Bolt EV with 4,928 units sold, putting it in third place among EV sales for Q1. Buyers took delivery of 2,526 Chevy Bolt EVs in the same time period.
The two Chevy Bolt variants enjoyed an advantage over imported EV models like the Hyundai Ioniq 5 and Kia EV6 because of the Clean Vehicle Credit tax incentive made available by the Inflation Reduction Act to electric vehicles produced in North America. Going forward, the Bolt EUV and EV will likely only qualify for half of the tax credit, but GM will have at least five EV models qualifying for the full $7,500.
The sale of 19,700 Chevy Bolt EUV and EV units in Q1 2023 gave GM twice as many EV sales as Ford during the period. The Blue Oval sold 10,866 electric vehicles over the same timeframe. The General’s other electric nameplates, the GMC Hummer EV and Cadillac Lyriq, made negligible contributions to its EV sales success in Q1.
Building on the popularity of the Chevy Bolt EUV, GM intends to manufacture 70,000 Chevy Bolt EUVs and Bolt EVs over the course of 2023, a 59 percent jump from the approximately 44,000 produced in the previous calendar year.
As a reminder, the Chevy Bolt EUV, which a slightly larger crossover stablemate of the Chevy Bolt EV, is equipped with the same 65 kWh battery pack. This battery pack energizes the front-mounted electric motor, which supplies a total output of 200 horsepower and 266 pound-feet of torque.