Why GM May Have Already Lost The EV Race

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Why The Mighty GM May Have Already Lost The EV Race For Marketshare.

It was just a couple of years ago when GM announced the advent of their “all-electric” future. Today, quite frankly, competitors are eating GM’s lunch. GM is bleeding marketshare — and may bleed more), particularly in the critical American pickup truck market. The fact is, the company is losing critical American-market customers to extremely aggressive and formidable competitors. Rivian, Cybertruck, F-150 Lightning. They’ve grabbed the EV headlines with deliveries coming this year, while GM has only provided slick updates on its plans for future affordable electric trucks and luxury cars for the American.
Chevrolet, GM’s value brand, says it has no affordable EVs on the market in the U.S today, and no firm timeline for their return.

It wasn’t so long ago when GM was the leader
Of course we all remember the Chevrolet Bolt. It was by far the sales leader in affordable battery-electric vehicles two years ago. With dealers having ample inventory, many having EV experts on staff, and GM providing deep discounts, the Bolt was easy to call the best battery-electric vehicle (BEV) value in America. Around mid-summer, Chevy then added its fantastic Bolt EUV, faster, better handling — and affordable — BEV, in 2021. The Bolt was a big success and Chevy again jettisoned into the EV lead. Then Bolts started to catch fire.

The Bolt Fire Recall and GM begins to stumble
The fires, while somewhat rare but highly visible, caused GM to recall every unit ever produced, and recall every new Bolt and Bolt EUV, removing the vehicle from the market. The entire story has been described as a “slow-motion catastrophe,” by respected EV writer and advocate, John Voelcker. After GM announced a handful of mandates and warnings, GM began to offer Bolt buybacks.

GM’s EV Deliveries Are Negative
While they’re not delivering new affordable EVs — at the same time taking ones it already sold out of the marketplace — GM’s net EV deliveries are effectively negative — they lost the marketshare. Much has happened since GM told the world all about its “all-electric future was now” two years ago.

Former Bolt Owners Have left the building
Across social media, Bolt owners are posting up images showing themselves with the new EVs that they bought after turning in Bolts to GM via its recall buy-back program, trading them in at dealers, or selling them to be rid of the problem. GM’s battery replacement program has been going on now for months and there is no definitive end in sight.

 

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