Bolt Goes Bye, Global EVs To Reach 20%, How’s That Inflation Doing?

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Welcome to Wednesday as we bid a joint farewell to the Chevy Bolt. We also discuss a new report about global EV adoption, as well as check in on our old friend…inflation. 

• After the better part of a decade, GM is saying goodbye to the Bolt as the last units roll off the Orion assembly line later this year. The move marks the end of the Bolt as the most affordable EV in the US market, making way for the upcoming Equinox EV, according to CEO Mary Barra.
  • The Bolt experienced record sales in its final year, with GM expecting to produce over 70,000 Bolt EV and EUV models this year.
  • GM plans to replace the Bolt with a new slightly larger Equinox and Blazer SS, based on GM's Ultium platform later this year
  • GM is tripling the size of the staff at the factory following a planned $4B overhaul so that it can produce electric versions of  the Chevy Silverado and GMC Sierra. They are calling it “Factory Zero”
  • One writer for EV news outlet Electrek says his family owns a Bolt and 2 Teslas and he and his wife fight over who gets to drive the Bolt due to its comfort, handling, and ironically, it’s great Apple CarPlay integration

• A new release from The International Energy Agency (IEA) reports that electric cars are expected to account for one-fifth of the global market in 2023, with sales growing 35% to reach 14 million units. This marks a significant increase from just 4% in 2020.
  • Currently, China leads the world in electric car adoption, with over half of all electric cars on the road and 60% of electric car sales in 2022.
  • The transition from combustion engines to electric vehicles is projected to reduce global oil demand by at least five million barrels per day.
  • In emerging and developing economies, two- or three-wheel electric vehicles are more common than cars, with over half of India's three-wheeler registrations in 2022 being electric. 
    • India is about to surpass China as the most populous country within months
• Consumers have continued to pay higher prices for everyday items, benefiting companies like McDonald's, PepsiCo, and Kimberly-Clark, even as some executives warn that shoppers may become more resistant to price increases.
  • Despite price hikes, McDonald's saw a 12% increase in same-store sales, while PepsiCo reported strong demand and raised its revenue growth forecast.
  • Some execs are cautious about consumers' tolerance for price increases as the labor market softens and recession risks loom.
  • Companies like Conagra Brands and Constellation Brands are slowing price increases, acknowledging that customers may be reaching their limits.
  • Conagra Brands, the maker of Hunt's ketchup and Slim Jim meat sticks, has said that it is done boosting prices for now, as prices have caught up with inflation

Join Paul J Daly and Kyle Mountsier every morning for the Automotive State of the Union podcast as they connect the dots across car dealerships, retail trends, emerging tech like AI, and cultural shifts—bringing clarity, speed, and people-first insight to automotive leaders navigating a rapidly changing industry.

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