The 2023 Chevrolet Bolt EV is Now the Cheapest EV You Can Buy
Automakers worldwide are raising prices due to chip and supply shortages, which makes GM’s decision to drop the cost of the electric Chevrolet Bolt surprising.
The 2023 Chevrolet Bolt EV and the 2023 Chevrolet Bolt EUV are now the cheapest EVs you can buy on the market today. In early June this year, parent General Motors announced that it was dropping the price of Chevrolet’s compact battery-electric vehicle by around $6,000. Considering automakers around the world are raising prices thanks to chip and supply shortages, GM’s decision to drop the price of the Bolt is surprising. Here’s what you need to know about the latest price adjustment for the 2023 models, what it portends for the larger industry, and the reasons behind GM’s pricing adjustment.
How Much Do the Bolt EV and Bolt EUV Cost Now?
The pricing for a 2023 Chevrolet Bolt hatchback will now start at around $26,600—$5,900 below the cost of the 2022 model that starts at about $32,500.
Pricing for the roomier 2023 Bolt EUV (Chevy’s moniker for “electric SUV,”) will start at around $28,200. That represents a $6,300 drop from the 2022 model, with prices beginning at about $34,500.
Why Did GM Drop the Bolt’s Price?
This considerable price drop, comes as GM had warned that it expects things like commodity prices and supplier issues to continue through the rest of the year, and seems completely counterintuitive. A story at CNBC speculated that because GM has been building the Bolt since 2016, the manufacturing costs have become significantly cheaper. That same story noted that the price adjustments were designed to keep the Bolt EV and Bolt EUV competitive.
Despite offering respective EPA electric range estimates of 259 and 247 miles, the Bolt EV and Bolt EUV also feature older battery technology, a 400V system that is slower to charge. GM is planning a wider rollout of its Ultium battery tech, which is both in the GMC Hummer EV and the upcoming Cadillac Lyriq.
Chevrolet has also had a suite of problems with the Bolt, including sudden battery fires while charging, and the company only restarted production in April of this year. Those battery pack fires and resulting stop-sales on dealer lots hurt the Bolt’s reputation.
In addition, there’s some indication that Chevrolet and GM might soon pull the plug on the Bolt. A story at CNN noted that in January of this year, GM announced investing more than $35 billion in EVs, including a $4 billion investment in battery-electric versions of the Chevy Silverado and GMC Sierra pickup trucks. The company announced that those vehicles would be built on the line that currently builds the compact Bolt EV and Bolt EUV.
Will Other EV Manufacturers Drop Prices?
The short answer is no; other EV manufacturers are unlikely to drop prices now.
Rising inflation and the continued supply shortages for everything from tires to chips will likely continue to drive up EV prices. Additionally, many automakers are beginning to run out of federal EV incentives, which will make cars pricier for consumers.
While the 2023 Bolt EV and the 2023 Bolt EUV are the cheapest electric vehicles you can purchase now, they may not be the cheapest for long. As consumers look for better battery technology and newer vehicles, and the industry continues to battle supply chain issues, prices for EVs may drop in the future.