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The Bolt was also developed before GM rolled out its \"Ultium\" platform - an electric vehicle architecture that underpins everything from GMC's Hummer EV pickup truck to a midsize Cadillac SUV called the Lyriq.

The Bolt was launched for the 2017 model year. While it wasn't GM's first electric effort, it was the company's first EV sold in all 50 states. And it sold well – the Bolt was the best selling non-Tesla EV in the last two quarters of 2022.

The company says more affordable Ultium-based Chevy EVs are going to launch soon, including an electric Equinox SUV that's expected to start around $30,000. Even still, Niedermeyer says price remains a hurdle for wide-scale EV adoption.

\"PHOTO:
Raymond Boyd/Getty Images, FILE
PHOTO: FILE - 2017 Chevrolet Bolt EV is on display at the 109th Annual Chicago Auto Show at McCormick Place in Chicago, Feb. 10, 2017.
>

\"Weak profits in EVs and a lack of regulatory support for lower price points will continue to place the emphasis on expensive premium EVs,\" said Niedermeyer. \"Only by emphasizing that EVs are best suited to the weekday driving that starts and ends at home, and by aligning incentives for cars and chargers with the opportunity that use case presents, will truly affordable EVs become a widespread phenomenon.\"

In the meantime, Kirchner said until the Equinox goes on sale, GM could be leaving market share on the table in the growing EV market.

\"I think they're leaving a fairly big hole in the affordability segment,\" he said, adding, \"I think that EVs are being priced out of a certain customer's price range, and that is the customer that could benefit the most from an EV.\"

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