Chevy slashes Bolt EV, EUV prices to under $30K
General Motors Co. is slashing prices on its Chevrolet Bolt EV and EUV for model year 2023 to spur more electric vehicle adoption.
The 2023 Bolt EV will start at $26,595, down from the 2022 starting price of $32,495. The 2023 Bolt EUV will start at $28,195, down from last year's starting price of $34,495. Both prices include dealer freight charges.
"This change reflects our ongoing desire to make sure Bolt EV/EUV are competitive in the marketplace," Chevrolet spokesperson Shad Balch said in a statement. "As we’ve said, affordability has always been a priority for these vehicles."
The move to lower Bolt pricing comes after GM last year had to recall all Bolts — more than 141,000 — from 2017 to 2022 model years for battery fire risk. The recall led to a months-long Bolt production shutdown and a stop sale on the product.
GM is also prepping for the launch of the electric Chevrolet Equinox, which the automaker said would be priced around $30,000. An electric Chevrolet Blazer is also coming, though its price hasn't yet been released. Both will be revealed this year and on sale in 2023.
"It's about overall positioning for their for their electric vehicle lineup going forward," said Stephanie Brinley, automotive analyst for S&P Global Mobility, of the Bolt price cut.
"I don't think that they're dropping the price in order to stimulate sales. I feel like the price change is really about the fact that with the Equinox and other vehicles coming over time, it's just resetting where their electric-vehicle lineup is going to be."
In early April, Chevrolet marketing director Steve Majoros told reporters the brand expected "record numbers of sales and production for '22 and we see '23 being bigger than '22" for the Bolt.
GM executives have previously said the automaker will offer EVs at all price ranges.
Edition 1 of the GMC Hummer EV truck landed late last year, starting at $110,295. A cheaper version just under $100,000 will be available later this year. The Edition 1 of the Hummer EV SUV coming early next year starts at $105,595. A version just under $100,000 will be available in spring 2023.
Cadillac just launched production of its Lyriq electric crossover, which starts at $62,990.
GM is offering first a 400-mile-range, fleet-focused electric Work Truck version of its electric Silverado pickup starting next spring. Its price hasn’t been revealed. A consumer-facing, $105,000 RST model will arrive in late 2023.
The 2023 Bolt EV 2LT trim is priced starting at $29,795, down from last year's $35,695 starting price. The 2023 Premier trim level on the Bolt EUV is priced at $32,695, down from model year 2022's $38,995.
The Redline Edition is available on the EUV only and is $495 for both LT and Premier trim levels. It features: 17-inch gloss black painted aluminum wheels with red accents, a black and red Bolt EUV badge, red accent decals on outside mirror caps and a jet black leather interior.
Production of 2023 model year Bolts will start this summer.
Lowering the Bolt's price marks the first time an EV that gets more than 200 miles of range on a charge has been priced "significantly" below $30,000, said Sam Abuelsamid, principal e-mobility analyst for market research firm Guidehouse Insights. The 2023 Bolt EV gets a GM-estimated range of 259 miles on a charge and the Bolt EUV gets 247 miles.
"It brings a viable long-range EV to a price where pretty much almost anybody that can afford a new car can probably swing that deal," Abuelsamid said.
The price adjustment puts GM below the cost for a 2022 Hyundai Kona, which starts at $34,000, and the 2022 Nissan Leaf, which starts at $27,400. But GM has already used all of its available $7,500 federal income tax credits for consumers purchasing EVs.
A price cut on the cars could be welcomed by consumers who have faced record-high prices for months due to low supply and strong demand. The average transaction price for a new vehicle in April was $45,051, according to data from Edmunds.com Inc., a vehicle information website.
"In the wake of price increases, commodity prices increasing, the fact that inventory shortages have caused prices to go up, it feels like this is very anti-theme here to actually have a price cut," said Jessica Caldwell, Edmunds executive director of insights. "It is interesting that they're doing this. I would imagine it is to preface their very big launches they have coming out in 2023."