It started in 1911 with a race car driver and automotive engineer Louis Chevrolet and William C. Durant after he had been cast out of General Motors. He planned to use everything he learned from Chevrolet’s racing carrier as a foundation for their company. The first car came out in 1912 and was named the Classic Six. It was a five-seater touring sedan with a top speed of over 65 mph which was considered pretty fast for the time. They came out with the legendary bowtie logo in 1914. Their vehicles were priced competitively according to the market and buyers. It made Chevrolet a profitable investment which later allowed Durant to buy some of GM’s shares, due to which Chevrolet became a division of GM. By 1927, Chevrolet outran its rivals by selling over a million units.
By the mid-50s, Chevrolet has covered a good distance by introducing independent front suspension, which was a significant improvement in providing ride comfort. Focusing on all kinds of requirements from the people other models were also introduced including sedans and pickups which were priced just right to suit every buyer’s requirement. Soon focusing on people demanding more power, a V8 engine was also added to the lineup. Soon all-around independent suspension made it to the production line Chevrolet made other major changes to its product lineup by introducing small cars which were a demand of the time as fuel prices were going up. The fuel crisis also led them to make changes to existing bigger car models- they reduced their engine sizes to be in accordance with the new emission norms. At the time, America was focusing on smaller cars and Chevrolet read the market conditions pretty well. Soon, Chevrolet added the Camaro and Corvette to their lineup.
Bringing Camaro and Corvette to production was the most profitable decision by Chevrolet. Together, both of them accounted for more than 15% of the total sales figures. Both these vehicles are going strong in competition with their rivals. Direct rivaling with Ford.
Chevrolet focused more on performance by bringing Corvette Z06 in the game. In addition to the Z06, pickup trucks were given an update. Already established names such as Silverado and Tahoe were the rage and Chevrolet encashed on it pretty well. Chevrolet is operating in over 140 countries. Having said that, since then the company has faced a few issues especially in the Asian markets. Chevrolet has come a long way but it still plays the same cards- competitive pricing. Now the company has a vehicle in each and every segment- cars, trucks, and SUVs. It seems that Chevrolet remains in power even with all the competition, with its affordable and innovative vehicle lineup which suits every need.
The company is planning to collect $6 billion in cash by 2020 of which more than 70% will come from cost-cutting. Chevrolet plans to reduce costs by reducing salary staff by up to 25%. In 2019 Chevrolet also stopped vehicles specific production plants to reduce production and transportation cost. As per the Chevrolet production of selected cars such as Chevrolet Volt and Cruze will end soon with Production plants moved from Detroit-Hamtramck to somewhere else.
New plans are coming up for the EV platforms. Upcoming EV such as Chevrolet bolt and a new pickup truck which would be built in the new $9 billion production site. The investment plan had moved up with an increase of $2 billion due to the development of an all-new full-size truck. The competition will increase at a very steep level because of other rivals such as Tesla bringing its new pickup truck soon. The next decade will witness the addition of new electric vehicles in the race of developing improved EVs.The 2020 Chevrolet Bolt EV is about to debut with a new battery platform, fast and improved charging, increased battery power which will be impressive. Current sales figures of EVs show improvement and refreshed styling of upcoming modes will provide it an extra boost. They know the future is electric. And are working on it dedicatedly.
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