Chevy's Eco-Friendly Bolt Is Losing Out To Tesla's Trendy Model 3

Elon Musk can ride a bit smoother now.

The Chevrolet Bolt, the car that beat his new Model 3 to market by the better part of a year isn’t living up to its name — calling it a snail would be more fitting.

In the past six months, a measly 6,529 Bolts have been purchased. That’s far fewer than sales of the all-electric Nissan Leaf and either of the existing Tesla models in the same period.

Meanwhile, the priciest models in the GM lineup are doing way better than the Bolt. In a six-month span, American drivers purchased about three times as many Cadillac Escalades and double the number of Corvettes — both models that your great-great grandfather would brag about driving.

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Bloomberg reported in December Chevrolet’s electric vehicle shop positioned on the outskirts of Detroit was producing only about 100 Bolts daily. Thanks to General Motors, Chevrolet dealers will be waiting for the arrival of their first Bolts in July while Tesla plans to roll out more of its competitively priced Model 3.

Ultimately, the Bolt is being stymied by General Motors Co. The company is producing the vehicle at a significantly slower rate than Tesla.

“Honestly, I don’t think I’ve seen a single commercial for the Bolt,” UBS analyst Colin Langan told Bloomberg. “They have a great starting point, but I don’t think they’re pushing volume today.”

Toward the end of April, the Bolt was available for consumers only in eight states. GM added another eight states to its distribution lineup in May and claimed the vehicles wouldn't be accessible coast-to-coast until late summer.

“The term I would use is slow and steady,” Marc Cannon, a spokesman for AutoNation told Bloomberg. “They’re making sure they meet the needs of early adopters and they’re taking their time doing it.”

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Besides what the car can actually do, the Bolt is a huge a financial burden on GM. UBS AG experts predict the manufacturer is behind by about $7,500 on every model it unloads, courtesy of the machine’s $12,000 battery pack and $580 worth of parts and semiconductors — which is way more than that found in a traditional gas guzzler.

What’s clear in the short-term, however — and what may stir up concerns at GM — is that the Bolt unveiling has been very dull, and not just when it comes to profit. The car hasn’t been able to match any of Tesla’s Silicon Valley appeal.

A silver lining for GM is eventually, the finances will ease as battery prices decline and the company realizes how to produce the car more cost effectively. But until then, the automaker whose sole purpose is to satisfy shareholders — rather than regulators or gas to the gallon nerds — would rather have you buy an Escalade anyway. It’s a standard case of the pioneer's Catch-22. GM has disturbed its generational success, but only somewhat.