Dealer inventory of the Chevy Bolt EV was very low nationwide going into April of the 2023 calendar year, GM Authority has learned from sources familiar with the matter.
According to the latest information from GM’s go-to-market operations, Chevy Bolt EV inventory was running at 6 days supply at the beginning of April. A total of only 174 units of the vehicle were on the ground at dealerships at that time.
A six days supply means that dealers have enough vehicles on hand to meet current demand for six days if no further units reached dealer lots. Before the COVID-19 pandemic, the semiconductor chip shortage, and the resulting supply chain disruptions, many automotive sales organizations considered 60 days supply as an optimum inventory level. The National Automotive Dealers Association (NADA) is one of these.
Meanwhile, the Chevy brand overall ran at under 60 days supply in March 2023.
The Chevy Bolt EV sold well in January 2023, achieving eighth place in the top 10 EV registrations for the month. The Chevy Bolt EUV sold even better, reaching third place among electric vehicle registrations for the same month. With its $27,495 starting price, the Bolt ranks as the currently most affordable all-electric vehicle in the U.S.
GM has responded to the popularity of the Chevy Bolt EV and EUV by announcing it will produce approximately 70,000 units of the two models during calendar year 2023. This figure represents a 59 percent increase from the 44,000 Chevy Bolt EVs and EUVs The General produced during 2022. Deliveries in 2022 were also up sharply year-over-year following the repercussions of a major safety recall on production in 2021.
The tight supply of the Chevy Bolt EV going into April and the nameplate’s popularity are part of a strong overall rise in GM’s EV sales. The General sold twice as many EVs in Q1 2023 as its competitor Ford, putting it in second place for U.S. electric vehicle sales behind current market leader Tesla.
The vast majority of GM’s 20,670 Q1 electric vehicle sales were of the Chevy Bolt EV and EUV, with the Cadillac Lyriq at a distant second at under a thousand units sold and just two units of the GMC Hummer EV delivered. Ford sold 10,866 EVs during the same period.
As a reminder, the Chevy Bolt EV is powered by a 65 kWh battery pack and single front-mounted Voltec drive motor, which develops 200 horsepower. Production takes place at the GM Lake Orion plant in Michigan, while the GM BEV2 platform provides the underpinnings.