Home Finance specialist GM slashes price of 2023 Chevy Bolt, making it America’s cheapest electric vehicle

GM slashes price of 2023 Chevy Bolt, making it America’s cheapest electric vehicle

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Chevrolet Bolt EV

The 2023 Chevrolet Bolt will be the cheapest electric vehicle you can buy in America — with one caveat.

Earlier this week, General Motors (GM) revealed pricing for the 2023 version of the Bolt EV. The better-equipped base 1LT and 2LT models are now priced at $26,595 and $29,795 respectively, which GM says represents a price reduction of $5,900 per model over last year.

The larger Bolt EUV gets an even bigger price cut, at least in nominal terms, of $6,300.

For the regular Bolt EV, this price represents a massive 18.5% price reduction from a year ago, at a time when everything from components to labor costs are rising dramatically in this country. .

GM says that even with the steep price drop, no features have been removed or reduced from last year’s model.

“Nothing was removed,” GM product specialist Shad Balch told the Detroit Free Press. “This reflects our ongoing desire to ensure the Bolt EV/EUV is competitive in the marketplace. As we said, affordability has always been a priority for these vehicles.”

Pricing and tax credits

Although 2023 pricing has yet to be announced, the 2022 Nissan Leaf, which was the cheapest EV on offer in the US, starts at $27,400. If you don’t include the $7,500 federal tax credit (which Nissan still qualifies for, but GM doesn’t), the 2023 Bolt EV is the cheapest car in America.

So technically, the Bolt EV is America’s cheapest electric vehicle when it goes on sale in 2023, not including the federal tax credit (which brings the Nissan Leaf down to $19,900). The bad news for Nissan (7201.T) is that the total cumulative sales of the Leaf in the United States are around 175,000 units, and when the 200,000 threshold is reached, the federal tax credit is reduced by half.

TANGERANG, INDONESIA - NOVEMBER 12: Nissan Leaf electric car on display during GAIKINDO Indonesia International Auto Show (GIIAS) at Indonesia Convention Exhibition in outskirts of Jakarta, Tangerang, Indonesia on November 12, 2021. This premier auto show during the COVID pandemic -19 organized by the Association of Indonesian Automotive Industries GAIKINDO opened to the public from November 12 to 21 and was joined by more than 300 brands from the supporting industries and spotlighted around 150 new vehicles.  (Photo by Anton Raharjo/Anadolu Agency via Getty Images)

TANGERANG, INDONESIA – NOVEMBER 12: Nissan Leaf electric car on display during GAIKINDO Indonesia International Auto Show (GIIAS) at Indonesia Convention Exhibition in outskirts of Jakarta, Tangerang, Indonesia on November 12, 2021. This premier auto show during the COVID pandemic -19 organized by the Association of Indonesian Automotive Industries GAIKINDO opened to the public from November 12 to 21 and was joined by more than 300 brands from the supporting industries and spotlighted around 150 new vehicles. (Photo by Anton Raharjo/Anadolu Agency via Getty Images)

The other downside to the Nissan Leaf is that it only has 149 miles of range (rated by the EPA), while the cheapest Bolt EV has 259 miles according to GM’s estimates. A buyer has to upgrade to the Nissan Leaf S Plus to get 226 miles of range (rated by the EPA), but that model starts at $32,400.

The big point here is that GM is doing what it can to provide an affordable, mainstream EV option with decent electric range for middle-class buyers who want to go electric. It’s a part of the market lacking in options, with just the Nissan Leaf S Plus as its only competitor, although Fisker (FSR) promises its Ocean EV SUV will start under $40,000 when it arrives next year. next.

If the country is to meet the White House’s goal of having 50% of vehicle sales fully electric by 2030, American buyers will need many more cheaper electric vehicle options.

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Pras Subramanian is senior automotive reporter for Yahoo Finance. You can follow him on Twitter and on instagram.

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