GM Will Increase Chevy Bolt Production by Nearly 60% in 2023

• General Motors has secured enough electric-vehicle battery materials to meet requirements under the federal Inflation Reduction Act for many of its EVs to qualify for the coming $7500 tax credit, CEO Mary Barra told analysts.

• The automaker will boost Chevy Bolt EV/EUV production to 70,000-unit in 2023 in response to growing EV demand, up from a 44,000-unit target this year.

• Barra also touched on several pieces of truck news, including the continued success of combined Chevy Silverado/GMC Sierra heavy-duty truck sales; the pair hold 51.8% percent of retail market share.

With a strong third quarter in which General Motors posted net income of $4.3 billion before income taxes, the slimmed-down automotive giant to help meet burgeoning demand for electric vehicles. CEO Mary Barra also told Wall Street analysts Tuesday in GM’s third-quarter earnings call that the automaker has secured sufficient battery raw materials to meet new federal guidelines under the Inflation Reduction Act for a $7500 electric vehicle tax credit on many of its future high-volume models.

When Congress passed the IRA last August, GM was alone among major automakers and EV newcomers in claiming it could meet strict requirements for local materials sourcing and battery manufacturing. At the time, Barra expressed “support for the Inflation Reduction Act as currently proposed.” As GM awaits the US Treasury Department’s final tax credit rules before it can determine which of its EVs will qualify, “we’re well-positioned, and frankly better than most,” she said.

First of the Ultium battery cells from GM’s new Warren, Ohio, joint-venture plant with LG Energy Solution are going into the GMC Hummer EV, Barra said, with Cadillac Lyriq next. The Ohio plant will supply Chevrolet Silverado, Blazer, and Equinox EVs, “and other models” in 2023.