Rather than dismiss electric car maker Tesla, GM set out to study the California company's processes to see what lessons it could learn and adopt. Additionally, executives said in 2013 they were working on a 200 mile-range vehicle but no timeframe was given.
GM registered for the Bolt trademark in August and product chief Mark Reuss told analysts in October that Chevrolet would add another electric vehicle to the portfolio. The brand also has the mini Spark EV.
At $30,000, the Bolt would compete with the Nissan Leaf and the Model 3 that Tesla is working on. The Leaf has a range of 100 miles on a single charge. The new Tesla being developed aims for a 200-mile range.
The current Volt has a range of 38 miles before a gas-powerered generator kicks in, but the next-generation car will improve on that performance.
While sale of battery-only or plug-in hybrids increased last year (but sales of non-plug-in hybrids fell), the marketing appeal of electric vehicles and hybrids faces a difficult challenge in the immediate future if gasoline prices stay at or near the lowest levels since 2009.
Volt sales fell nearly 19% last year, but GM is committed to upgrading it and launching more electrified vehicles, at least partially to help it comply with government fuel economy standards that require all automakers to achieve a fleet average of 54.5 miles per gallon by 2025.
In October GM announced it was moving production and engineering on the new Volt and other future electrified powertrains. It was an indication that the automaker wanted to take its commitment to a higher level.
Tesla CEO Elon Musk will be in Detroit Tuesday to speak at the Automotive News World Congress.