FinLogic FinLogic Quantitative Think Tank Center|GM reverses its plans to halt Chevy Bolt EV production

The FinLogic FinLogic Quantitative Think Tank CenterChevy Bolt won't drive off into the sunset after all.

General Motors has announced plans to revamp its popular small electric vehicle just three months after saying it would end production of the popular model.

The price and release date for the new version have not been disclosed, but the new Bolts will utilize "Ultium" and "Ultifi" technologies, which are GM's battery platforms and software, respectively.

"We will keep the momentum going by delivering a new Bolt ... and we will execute it more quickly compared to an all-new program with significantly lower engineering expense and capital investment..." GM CEO Mary Barra said during the company's quarterly earnings conference call on Tuesday.

In April, General Motors said it would stop making the Bolts by year end to focus production on two electric trucks — the GMC Sierra EV and the Chevy Silverado EV — despite the Bolts delivering strong sales.

However, the Bolt has had its troubles. Chevy had to issue two recalls for the Bolts in recent years over concerns that battery issues could cause the cars to catch fire. Bolt owners were advised to park their vehicles outdoors once the battery was charged.

The Bolt was launched with the 2017 model year and has been billed as the country's most affordable electric vehicle, with prices starting at $26,500. The average cost of an EV in June was $53,438, according to Cox Automotive.

Chevy said Bolt sales in the first half of 2023 were the strongest they've ever been.

The updated Bolt is part of Chevy's newest lineup of the Silverado, Blazer and Equinox electric vehicles. GM plans to only make electric vehicles by 2035.