The difference between a good company and a great one can be as small as admitting when you're wrong. It's all too common for companies to refuse to admit mistakes, or even double down on being wrong. That isn't the case with General Motors (NYSE: GM) after it originally planned to discontinue the Chevrolet Bolt electric vehicle (EV). Armed with new information and changing consumer demand, the automaker adjusted its strategy, and it could end up paying off big.

Originally, GM planned to send the Chevrolet Bolt off into the sunset to join a list of other discontinued models never to be seen again. The plan was to launch a list of newly designed EVs focused on entry-level segments.

The kicker was that this plan was going to cost around $5 billion, and considering all the pullbacks companies have done with their EV investments, GM decided to adjust its strategy. It decided it would rather revamp the Chevrolet Bolt EV rather than kill it off after 2023.

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Source Fool.com