GM admits Chevy Bolt not profitable
CEO Mary Barra estimates EVs won't be profitable for the company until "early next decade" or later.
General Motors has apparently admitted that it is selling the Chevrolet Bolt at a loss, helping explain why the company has been reluctant to ramp up production volume.
Speaking to analysts after the company's recent quarterly financial disclosures, CEO Mary Barra estimated that GM won't begin to make a profit from its fully electric vehicles until "early next decade" or later.
"We've talked about the fact that with our next generation of development, we want to make sure we have obtainable, profitable, desirable, and with the appropriate range," she added.
GM recently teased its next-gen BEV3 platform architecture via an as-yet-unnamed Cadillac concept. The luxury EV is said to be slated for production by 2021, giving the struggling luxury marque a second chance at electrification after the ELR was quickly pulled from the market after enticing only a few buyers to purchase a Volt-based hybrid with a Tesla Model S-level price tag.
Barra's latest comments cast doubt on the company's previous plan to repurpose the Chevy Bolt platform for several additional models in the coming years.