GM ending production of Chevy Bolt

General Motors is ending production of its Chevrolet Bolt electric vehicles by the end of this year.

Chevrolet confirmed to The Hill on Tuesday that the company will cease production on its Chevrolet Bolt EV hatchback and the Bolt EUV — but it has plans to launch “several new EVs” later this year. 

“When the Chevrolet Bolt EV launched, it was a huge technical achievement and the first affordable EV, which set in motion GM’s all-electric future,” a spokesperson for the company said.

The plant that builds the Bolt will transition to making electric trucks beginning in 2024 as “the company continues to grow its EV portfolio.” 

The company will debut an electric Chevy Equinox EV later this year.

The Bolt started around $26,500 — and the new Chevy Equinox EV is expected to start around $30,000. GM is also working on a lower-cost EV in partnership with Honda.

GM reported its revenue went up 11 percent in the first quarter year-over-year to around $40 billion, while its net income fell 18.5 percent to $2.4 billion. On Tuesday, shares of GM dropped 2.5 percent, the Associated Press reports. 

The Associated Press contributed.