GM stands to lose $9,000 per car on Chevy Bolt
General Motors (GM) stands to lose $9,000 on every Chevy Bolt it sells, according to a Bloomberg report that cites a person familiar with the matter.
The anticipated per-sale loss of roughly $8,000 to $9,000 is an estimate based on a sticker price of $37,500, the report said, and it sheds light on the actual profitability of electric cars in the U.S., which have been billed by some as the future of the automotive industry.
The Chevrolet Bolt is a fully-electric car (as opposed to the hybrid Chevrolet Volt), expected to be released in some select markets in late 2016, according to the car's website.
The Bloomberg report added that many of the best markets for electric cars are states that have regulations requiring automakers to sell a certain number of electrics among the total number of cars they want to sell in the state. Some of those states have a lot of pull, especially California, which was home to 1 in 8 new U.S. car registrations in the first half of 2016.
Taking a loss on Bolt sales may be part of a larger marketing bet GM is making on the future. Electric cars are popular with younger, technologically savvy drivers, who might not consider buying a Chevy, Bloomberg noted.
Nearly every major manufacturer is placing some kind of bet on electric cars, even if small. However, reports from the recent Los Angeles Auto Show noted the electric cars sat a bit more in the shadow of SUVs and trucks this year.
A General Motors representative told CNBC the company had no comment on the matter.
Read the full article in Bloomberg.
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