General Motors has made the decision to discontinue the distribution of its Chevrolet Malibu sedan starting in November. Instead, the company will focus on producing more of its electric vehicle Chevrolet Bolt sedan. The manufacturing plant in Kansas City, Kansas, will halt production of its Cadillac XT4 in January 2025 to accommodate the Bolt.
Chevrolet experienced a 16% increase in sales in the first quarter, with the 2023 Bolt being the most affordable EV available. In the same year, Chevrolet sold over 130,000 Malibu models compared to 23,000 Bolt models. GM contributed to 20,000 plug-in vehicle sales out of 352,390 nationwide in the first quarter.
Toyota emerged as a leader in the EV market, accounting for 50% of EVs purchased in March. EV models made up 36.6% of Toyota’s total sales in the first quarter, showing a 74% increase. On the other hand, Ford experienced a loss of $1.3 billion in its electric vehicle department in the first quarter of 2024, amounting to approximately $132,000 per vehicle sold.
