Bolt sales plunged 41 percent during the third quarter from the same time last year and are down 17 percent since the beginning of the year, General Motors said Tuesday.
"The decline is more a function of us diverting production to Canada and South Korea, coupled with low stocks in the U.S.," GM spokesman Jim Cain told CNBC in an email. "We're still proceeding with the Q4 production increase we announced in the last sales release." Cain added that investors should expect lower U.S. sales for 2018 but higher global sales.
Billed as a compact crossover, the Bolt is GM's foray into electric vehicles, touted as a potential rival to cars such as the Tesla Model 3 and the Nissan Leaf. Its base model lists a starting price of $37,495.
The Bolt is not to be confused with the Chevrolet Volt, a hybrid, which actually saw a year-over-year increase of nearly 23 percent in sales.
Why would GM purposely cut potential sales to US customers?
- 3Q18 vs 3Q17 -- 6,710 in 2017 (3rd quarter); 3,949 in 2018 (3rd quarter) -- 41% drop for the third quarter, year-over-year
- 9/18 vs 9/17 -- 2,632 in 2017 (September); 1,549 in 2018 (September) -- 41% drop in September, year-over-year
- Model 3 -- huge jump, but to be expected; ramping up this year
- Model S -- down 3Q year-over-year (7,575 vs 8,435)
- Model X -- up 3Q year-over-year (8,050 vs 6,345)
- 3Q18-- 4,027 vs 3Q17 -- 3,492 -- 15% increase 3Q year-over-year
- September: 48% increase year-over-year (1,563 this September vs 1,055 last September)