Photo: GM
The troubled Chevy Bolt has won a surprising award from J.D. Power’s ALG for having the best residual value in the Canadian mass-market electric vehicle segment. The 2022 Canadian awards were dominated by Toyota and GM models, which snatched the most segment wins. The Bolt’s achievement is no small feat considering ALG analyzed 274 different vehicle model lines.
GM secured five J.D. Power Canada ALG Residual Value Awards, with the Chevrolet Silverado 2500 HD, Chevrolet Corvette, and the Chevrolet Bolt, as well as the GMC Yukon and GMC Savana, each winning their corresponding segment’s title.
On the other hand, Toyota managed to get seven wins with the Camry, RAV4, Highlander, 4Runner, Tundra, Tacoma, and the Sienna while also scoring in the premium segment with the Lexus IS, GX, and UX. This allowed Toyota to win the overall mass market award, with Lexus the winner in the premium segment. GM also had one win in the premium segment with the Cadillac Escalade.
ALG awarded a total of 16 different brands across 29 vehicle segments, after evaluating 274 different vehicle model lines. The tedious process involved analyzing many factors including used market performance, brand outlook, and overall product competitiveness. A manufacturer needs to have model entries in at least four different segments to be eligible.
Also, the J.D. Power Canada ALG Residual Value Awards takes into account how well vehicles hold their value after four years for mass-market vehicles, and after three years for premium vehicles. This restricted the pool size, basically eliminating Tesla from the contest, along with the newer contenders in the EV segment, like Hyundai-Kia and Volkswagen
This also explains how the Chevy Bolt won the mass-market EV award since it had little to no competition. Marred by fire scandals and banned from entering public parking lots and garages, the Bolt is still considered by the Canadians the best EV overall when it comes to value retention among all the eligible manufacturers.
The lack of diversity in the 2022 edition of the ALG Canada Residual Value Awards was acknowledged by Eric Lyman, vice president of ALG. “There’s not much brand diversity in the winners for 2022, meaning that the few brands at the top have found their niche, especially Toyota with its continued dominance in the utility and pickup segments,” Lyman observed.
The only other electric vehicle to score a win in this year’s ALG Canada Residual Value Awards was the Porsche Taycan. It didn't manage to beat the Chevy Bolt overall, which is again surprising considering how well Porsche cars keep their value over time.
On the other hand, Toyota managed to get seven wins with the Camry, RAV4, Highlander, 4Runner, Tundra, Tacoma, and the Sienna while also scoring in the premium segment with the Lexus IS, GX, and UX. This allowed Toyota to win the overall mass market award, with Lexus the winner in the premium segment. GM also had one win in the premium segment with the Cadillac Escalade.
ALG awarded a total of 16 different brands across 29 vehicle segments, after evaluating 274 different vehicle model lines. The tedious process involved analyzing many factors including used market performance, brand outlook, and overall product competitiveness. A manufacturer needs to have model entries in at least four different segments to be eligible.
Also, the J.D. Power Canada ALG Residual Value Awards takes into account how well vehicles hold their value after four years for mass-market vehicles, and after three years for premium vehicles. This restricted the pool size, basically eliminating Tesla from the contest, along with the newer contenders in the EV segment, like Hyundai-Kia and Volkswagen
This also explains how the Chevy Bolt won the mass-market EV award since it had little to no competition. Marred by fire scandals and banned from entering public parking lots and garages, the Bolt is still considered by the Canadians the best EV overall when it comes to value retention among all the eligible manufacturers.
The lack of diversity in the 2022 edition of the ALG Canada Residual Value Awards was acknowledged by Eric Lyman, vice president of ALG. “There’s not much brand diversity in the winners for 2022, meaning that the few brands at the top have found their niche, especially Toyota with its continued dominance in the utility and pickup segments,” Lyman observed.
The only other electric vehicle to score a win in this year’s ALG Canada Residual Value Awards was the Porsche Taycan. It didn't manage to beat the Chevy Bolt overall, which is again surprising considering how well Porsche cars keep their value over time.
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