Common Motors stunned buyers – and EV followers – when it mentioned in July that the little Chevrolet Bolt EV might be revamped, quite than killed off solely on the finish of 2023 as initially deliberate.

Throughout GM’s earnings name on Tuesday, CEO Mary Barra shared extra particulars across the pondering behind the choice to maintain the Bolt round whereas giving some hints as to what Bolt followers can anticipate when the revamped EV goes on sale.

Barra mentioned that GM had initially deliberate to launch a sequence of newly designed EVs in entry-level segments at a complete price of round $5 billion. However given the recognition of the present Bolt – 2023 is already the mannequin’s finest yr ever for gross sales – it made sense to revamp the prevailing automobile as an alternative.

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“By leveraging the perfect attributes of right this moment’s Bolt EV in addition to Ultium, our newest software program, and NACS, we’ll ship an excellent higher driving charging and possession expertise with a car we all know clients love,” Barra mentioned. “Within the course of, we’re saving billions in capital and engineering expense, delivering a considerably price improved battery pack utilizing bought LFP cells.

Launched in late 2016 and initially aimed on the ride-sharing market, the Bolt had by no means bought in addition to GM had initially hoped. However a sequence of value cuts, the addition of a roomier crossover-like “EUV” variant in 2021 – and American customers’ steadily rising curiosity in EVs – mixed to provide the Bolt a gross sales surge in what was alleged to be its remaining years.

That gross sales surge is a giant a part of why GM determined to maintain the Bolt round. Gross sales have been up greater than 50% in 2022, to simply over 38,000. This yr’s gross sales have already topped that quantity, with virtually 50,000 Bolts bought by means of the top of September.

To be clear, the Bolt might be on hiatus for some time. GM nonetheless plans to finish manufacturing of the present Bolt at its Michigan manufacturing unit on the finish of this yr, and it hasn’t but mentioned when the revamped mannequin will go on sale – or the place it’s going to be made. (The Bolt’s present manufacturing unit in Michigan might be retooled to make electrical variations of GM’s Chevrolet Silverado and GMC Sierra pickup vans.)

However with sturdy and comparatively cheap lithium-iron phosphate (LFP) battery cells, GM’s improved Ultium platform and newest software program, and NACS charging ports that may permit it to make use of Tesla’s Supercharger community, the brand new Bolt appears set to proceed to win new patrons

“We’re attending to market no less than two years quicker, and our unit prices might be considerably decrease,” Barra mentioned.