GM announced a price hike on the 2023 Chevy Bolt EV and EUV, citing higher production costs. But the increase is lower than expected and lower than price increases in the rest of the industry, which means Electrek Vehicle of the Year is another glaring affair.
After announcing a Price drop of around $6,000 Midway through last year, GM now raised the price of the Bolt a bit. But the increase is less than expected and less than what we see in a lot of industry.
The Chevy Bolt now starts at $26,500, up $900 from its previous base price. EUV got a small $600 bump, up to a base price of $27,800. Both models are subject to a destination fee of $995 on top of these prices.
The price hike comes just days after the Bolt regained US federal government eligibility EV tax credit Due to Inflation Reduction Act. This tax credit allows buyers to claim a non-refundable credit of $7,500 on their federal taxes after purchasing an EV. Originally it was thought that the Bolt would be only entitled to $3,750but when the IRS delayed the implementation of some battery directiveswhich made the Bolt eligible for the full $7,500 at this time.
Even after this price hike, the Bolt remains the cheapest electric vehicle available in America. The second cheapest model is the base model Nissan Leaf, at $28,040. The Leaf is also made in America, which means it is also eligible for the federal electric vehicle tax credit.
Here is a list of eligible cars For EV tax credit – cars assembled overseas are only eligible if they are rented, not bought.
GM emailed us a statement and said it had “nothing planned beyond what we announced” in terms of price increases:
Due to continued industry-related pricing pressures, the Chevy Bolt EV and EUV will see modest price increases starting in 2023, but we expect them to remain America’s most affordable EVs. Chevrolet remains committed to its longstanding role of delivering real value. We expect to continue to build on the record sales momentum we experienced in 2022.
The Chevy Bolt is the first of GM’s modern electric vehicles, first introduced in the 2017 model year. Since then, GM has implemented a new battery platform called “Ultium”, which underpins its future electric vehicle offerings. The Bolt doesn’t use Ultium, which means it will eventually disappear from the product line as GM unifies its offerings under its new battery platform.
Electrok’s Grasp
Many thought that the implementation of these credits would lead to a price increase for the Bolt, but today’s increase of less than a thousand dollars is much lower than expected, especially given the massive reduction in prices for the Bolt. cars in the middle of last year and increases we’re seeing across the industry.
Which means the Bolt is still a screaming business – at least until March.
Plus, there are thousands of additional dollars worth of stacking deals that select buyers can take advantage of:
We still have love this carnot just because it’s so inexpensive, but because it’s a well-made EV with a five star safety rating and premium features like Wireless CarPlay/Android Auto – although we’d like it more if it had faster DC charging speeds.
So if you’re looking for an electric vehicle, especially in the next two months, this price hike doesn’t change our recommendation. While there are better EVs out there, the Bolt promises a lot for your money, and after tax credits and other incentives, for the right buyer, it may still be cheaper than the cheapest gas-powered car out there. America. This seems obvious to us.
So if you are thinking of buying an electric vehicle, contact your local dealers and see if you can find a Bolt at a close MSRP (which might be a tough task, since EV demand is so high right now). And either way, consult a tax professional to make sure you’ll qualify for these credits.
If you wish, you can use our links to contact your local dealers about the 2023 Chevrolet Bolt or 2023 Chevrolet Bolt EUV and see if they have any in stock for delivery before “sometime in March” when the electric vehicle tax credit is expected to be cut in half.
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