General Motors is moving fully into its electric vehicle future this year, phasing out its first mass-market model as it ramps up battery and EV production.
The automaker last week said it will discontinue both versions of the Chevrolet Bolt, built on its previous-generation battery technology, at the end of this year. The 2023 model year will be the last for the Bolt EV and EUV, and dealers will be able to order them through the summer.
Replacing the Bolt at GM's assembly plant in Orion Township, Mich., will be electric versions of the Chevy Silverado and GMC Sierra full-size pickups, and CEO Mary Barra said employment at the plant will "nearly triple" in 2024 when a $4 billion overhaul is complete.
GM also plans to invest more than $3 billion in a joint venture with South Korean battery manufacturer Samsung SDI to open a U.S. battery cell plant by 2026. The companies did not disclose its location but said it will produce prismatic and cylindrical battery cells and give GM additional form factors for its EVs. GM expects to have roughly 160 gigawatt-hours of battery cell capacity in the U.S. when the plant reaches full production.