GM: Chevrolet Bolt sales plunged 41% year-on-year in 2018 Q3

GM: Chevrolet Bolt sales plunged 41% year-on-year in 2018 Q3

In an emailed statement released to CNBC on Tuesday, General Motors (GM) has revealed that the sales of the Chevrolet Bolt electric car recorded a 41 percent year-on-year decline in the 2018 third quarter.

The Chevrolet Bolt is a compact crossover which marked GM’s foray into the electric vehicle (EV) arena. The Bolt, priced at $37,495 for the base model, is believed to be a potential competitor to Tesla’s Model 3 and Nissan’s Leaf electric cars.

According to the email by GM spokesman Jim Cain, the sales of the Chevrolet Bolt in the 2018 third quarter plunged 41 percent as compared to its sales in the 2017 third quarter. Cain also said that the Chevrolet Bolt sales have recorded a drop of 17 percent since the beginning of 2018.

Cain has also alerted the investors about a possible drop in the US sales of Chevrolet Bolt in 2018, but an increase in worldwide sales.

Asserting that the plunge in Chevrolet Bolt sales in the 2018 third quarter is largely an outcome of the company’s move to divert production to Canada and South Korea, as well as low stocks of the vehicle in the US, Cain said: “We’re still proceeding with the Q4 production increase we announced in the last sales release.”

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