In a surprising turn of events, General Motors (GM) has announced its decision to revamp the popular Chevrolet Bolt EV, rather than discontinuing it as previously planned. The announcement came during GM's recent earnings call, where CEO Mary Barra shed light on the company's reasoning behind this strategic move and hinted at what enthusiasts can expect from the upcoming revamped model.

Originally, GM had intended to launch a range of newly designed electric vehicles (EVs) in the entry-level segments, with an estimated investment of $5 billion. However, the exceptional performance of the current Bolt, particularly in terms of sales for 2023, prompted GM to reconsider and opt for revamping the existing model. Barra explained, "In the process, we are saving billions in capital and engineering expense, delivering a significantly cost-improved battery pack using purchased LFP cells."

Initially introduced in late 2016 with a focus on the ride-sharing market, the Bolt fell short of GM's sales expectations. Yet, a combination of price reductions, the introduction of a more spacious crossover variant known as the "EUV" in 2021, and the growing interest in EVs among American consumers, led to a sales surge in the model's supposed final years. This surge played a critical role in GM's decision to prolong the life of the Bolt. Sales in 2022 witnessed an impressive increase of over 50%, totaling just over 38,000 units. This year, sales have already exceeded that number, with nearly 50,000 Bolts sold by the end of September.

While the current Bolt will be temporarily on hiatus, GM remains committed to ending its production by the end of this year at the Michigan factory. The company has not yet disclosed the precise launch date or manufacturing location for the revamped model. However, it is worth noting that the factory in Michigan will be retooled to accommodate the production of electric versions of GM's popular Chevrolet Silverado and GMC Sierra pickup trucks.

Looking ahead, the forthcoming Bolt EV is set to introduce durable and cost-effective lithium-iron phosphate (LFP) battery cells, GM's improved Ultium platform, latest software, and NACS charging ports. The inclusion of NACS charging ports will grant Bolt owners access to Tesla's extensive Supercharger network, further enhancing the appeal of the revamped model. Barra expressed optimism, stating, "We're getting to market at least two years faster, and our unit costs will be substantially lower."

GM's decision to revive the Chevrolet Bolt EV stands as a testament to the strong demand for affordable electric vehicles, especially in the wake of the global shift towards sustainable transportation solutions. The auto industry, as well as environmentally conscious consumers, eagerly await the arrival of the revamped Bolt, which promises to be a game-changer in the ever-growing EV market.

Note: The article has been created based on the provided information, accurately summarizing the key details disclosed in the CNBC report.