May the Chevy Volt RIP: Tesla helped kill it, but it taught GM a lot about electric cars
Despite its demise, not everyone sees the Chevrolet Volt as a failure, however. “While it was a financial loser, it did what was intended,” the now retired former GM Vice Chairman Lutz, told the Associated Press. “We viewed it as a stepping stone to full electrics, which were totally out of reach due to the then-astronomical cost of lithium-ion batteries.”
In late 2010, GM was paying almost $1,000 per kilowatt-hour for lithium-ion batteries, a hefty penalty for a vehicle that needed a 24 kWh pack — or around $24,000 per vehicle. By the time the Chevrolet Bolt EV was launched, just over two years ago, that had fallen to around $150, confirmed Mark Reuss, who now serves as both GM president and its global product development chief. So, Bolt’s 60 kWh battery pack costs the carmaker less than $10,000 and can manage 238 miles per charge.
Going forward, that downward cost spiral has convinced GM to shift away from plug-in hybrids and focus on all-electric models like the Bolt and the long-range Cadillac SUV the brand previewed last month, said Katie Minter, the lead spokesperson for the Detroit automaker’s electrification program.
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