As cheap Chinese EVs are closing in, American automakers are feeling pressure to compete in one of the industry's most important upcoming segments: affordable electric cars. OEMs are quickly figuring out that to stay competitive in the growing EV space, they have to start building more affordable vehicles—not just high-margin luxury SUVs and pickups. GM realized this, too, and now it's going back to the basics by readying the revival of the Chevrolet Bolt.
Maybe this isn't the only reason EV sales have cooled in recent months, but it certainly hasn't helped. Most battery-powered offerings in the States today aren't exactly cheap. Many automakers purposefully chose to focus on high-margin platforms like luxury marques and pickups before catering to the average consumer seeking an affordable a-to-b commuter. But there was a method to GM's madness.