The company you're calling into question has a long history of making cars and trucks that people buy. It also makes money and pays a generous dividend. Investors value those things.
The massive shift you mention has yet to be demonstrated. Much as I'm in favor of them, I don't expect EVs to be more than a blip on the radar for a number of years. Companies like Ford have lots of time to get their acts together and not rush something into production.
Many people here point to the low number of Bolts being sold and blame it on a variety of issues. I think GM's intent was to test the waters and learn from their customers what works and what doesn't. Follow-on products produced in volume will incorporate what they hear about the first model. In contrast, for example, Tesla is now committed to the touch-screen interface on the M3 that many people (like me) don't like. I doubt they'll keep it in the MY.
The switch to EVs is not a sprint - it's a long-distance race. The big boys clearly have the financial muscle, manufacturing resources and engineering skills to make the transition while many question if Tesla will be able to stay solvent.
For one, I'm answering a statement that basically says to invest in a company such as Ford or GM on the sole basis of its balance sheet, and some vague promises of being ahead of industry changes. I think it is short sighted. The OP picked GM (and Ford), I did not.
For two, I'm well too aware of the fate of established companies that have been serving customers for decades. They become big, fat, slow cats that at some point will be unable to adapt to change. I'm not arguing about the fact they make millions of vehicles and billions of profits today (after being bankrupt once though), this is fact. I disagree with the implication that because they do so today, they'll be able to do it in the future. Look at Fortune 500 companies 15 years ago and at the list today, how many dozens literally
disappeared? GM may in fact survive and even thrive, most established automakers won't.
Then, the 'massive shift to EV'. What's your threshold? Personally, I'm amazed that this year, Tesla will represent 1% of the US auto market (possibly more). That is in units sold, in $ market share it’d probably be at least twice. Add the other EVs ; it may not seem much, but it matters very much to the entire ecosystem. In a market that may not even see growth this year, you have to cope with 1.5% less, which will be 2% or even 3% less next year and so on. By the time you realize it, the most fragile part of this ecosystem will start to collapse, starting with the countryside gas stations, then dealerships, etc. You just don't want to be in a market that is shrinking year after year, it completely changes the rules of the game. Again, if you stick your view to ‘today’, disruption is still very much a blip to many, but in a year or two consequences will start to be visible. I do not share the view that companies have a lot of time to get their act together. That is probably a very common thought in many board rooms – “we have the money (which is true) we’ll figure it out”. It is unlikely because they do not have the software prowess Tesla and few others are developing (ie Waymo), and I haven’t seen anyone coming even close.
Out of the many people that are critical of the Chevy Bolt, count me in. I have the advantage of first-hand experience of owning one that will soon be replaced by a second model 3 – again I’m of the opinion that products do matter. I’d take a Bolt over any other ICE car without thinking too much based on the inherent superiority of an electric powertrain. I’d take the cheapest Tesla to replace it in a heartbeat. The thing with disruptive products is that consumers don’t know what they don’t know. They’ll take the same crappy interface with outdated third party technology and thousands of knobs and buttons like in a brand new Bolt even if it is useless (why a start button?) until they are shown that it doesn’t need to be so complicated. If my grandparents can use an iPhone, anyone can – ask Blackberry. I respect the fact you don’t like the interface of the M3 (do you have one?), I’m surprised about the statement that many dislike it – what is your source?
I don’t find it perfect myself but it already improved 2 times through OTA – something I had to force through a hack and a USB key with the Bolt just to get access to a functioning Android Auto. I’m ready to bet they will double down with the Y – more than likely keep the same.