General Motors announced on Tuesday the company will not be killing production of its most popular EV, the Chevrolet Bolt. CEO Mary Berra, said GM has plans to give the Bolt a make-over including a newer Ultium battery pack, but did not disclose details about cost, timing or where the new Bolt will be built. The Bolt is currently built at GM’s Orion, MI, plant. “Our customers love today’s Bolt. It has been delivering record sales and some of the highest customer satisfaction and loyalty scores in the industry,” said Barra. “It’s also an important source of conquest sales for the company and for Chevrolet.”  

The Chevy Bolt released in 2016 was one of the first long-range, affordable EVs marketed to the average driver, it became the second best selling EV in the U.S after Tesla branded vehicles. “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 by updating the vehicle with Ultium and Ultifi technologies and by applying our ‘winning with simplicity’ discipline.”

Edmunds named the Chevy Bolt EV its Top Rated Electric Car for 2023, the little car that could also dominates used car sales as one of the fastest selling EVs for model years 2016-2020.  

The automaker reported adjusted pre-tax profit fell from Q1, despite a 52% jump in revenue and per-vehicle transaction prices. GM said it plans to invest less in new products and cut operating costs by an additional $1 billion through the end of next year.

GM shares were down 1.7% in early trading.