Last week, GM announced production delays for the highly anticipated Chevy Silverado EV truck due to issues at the Orion assembly plant, and now we're getting more bad news. During its Q3 2023 earnings report, the company confirmed delays for additional models in an effort to be more profitable.
According to GM, you should expect delays on the affordable Chevy Equinox EV, Silverado RST EV, the Sierra EV, and potentially others. We already knew the electric trucks would see tight inventory due to limited production, which is getting pushed back further. Adding the Equinox EV to the list is an even bigger blow. The Equinox is one of Chevy's best-selling vehicles and was poised to arrive as one of the most affordable electric vehicles on the road.
CEO Marry Barra released a statement and said, "We are moderating the acceleration of EV production in North America to protect our pricing, adjust to slower near-term growth in demand, and implement engineering efficiency and other improvements that will make our vehicles less expensive to produce, and more profitable."
Unfortunately, the company didn't share too many other details about the delay or how long it'll last, just that it will slow its acceleration into the electric vehicle market. This is likely due to rising costs, the ongoing United Auto Workers strike, and decreased demand for electric cars. Later in the earnings report, a spokesperson confirmed the three vehicles mentioned above would be delayed by "just a few months" but that other exciting models are still on track.
The Chevy Blazer EV, GM's Cadillac LYRIQ EV, and the Silverado EV WT (work truck) are all still on track for Q4 production goals. More importantly, one of the most affordable electric cars in the United States is unaffected, and will be getting even better. Yes, we're talking about the all-new 2023 Chevrolet Bolt EV.
GM gave potential buyers a brief update on the Bolt EV, stating that it'll receive a new and improved LFP battery pack and reiterated it'll be based on the Ultium platform. As a result, the next-gen Bolt EV will be even better and have more range while hopefully being more affordable. We still don't have a release date to share.
The delay in production of "just a few months" for the Silverado, Sierra, and Equinox EV should help GM make the vehicles less expensive, which will "protect" pricing and enhance profitability. The goal is to deliver affordable cars for the masses that are more profitable for the company. A win-win, if you will.
While this is bad news for potential buyers anxiously awaiting a new electric vehicle, we'll have to wait and see how long delays actually last. As a silver lining, GM claims it still plans to produce over 1 million EVs by 2025 and will release several models throughout 2024.
Source: General Motors