General Motors is cutting the price of the base Chevy Bolt to $26,595 in 2023. That’s over $5,000 less than the price of the base Bolt EV in 2022. But, perhaps more importantly, it’s also less than the price of any new EV sold in the U.S. right now, according to CNN. Meaning that the 2023 Chevy Bolt will be the cheapest EV in America.
Neither the so-called affordable Tesla Model 3, nor the humble Nissan Leaf will be able to make that claim. The Tesla has actually gone up in price to $46,990, while the Nissan starts at $27,400. Still cheap, but not the cheapest compared to the Chevy.
The question hanging over the price cut, however, is whether it’s enough to buy the Chevy Bolt goodwill among prospective EV buyers after the recalls and the fires. GM has a lot of work to do in order to rehabilitate the image of the Chevy Bolt in the U.S. — from a heap of burning battery packs to a squeaky clean electric hatchback that drivers could safely park in a driveway and garage.
The Chevy Bolt recall was (is) a huge deal for GM. All told, 140,000 Chevy Bolts went back to GM, and LG had to repay the car maker $1.9 billion. It’s too early to tell if this price cut is the best way to move past the recalls, but GM seems to think so because it’s also lowering the price of the 2023 Chevy Bolt EUV to $28,195. That’s $6,300 less than the current cost of the bigger Bolt crossover.
It’s a pretty big cut, considering that raw materials are getting more expensive. GM didn’t say if the Bolt(s) will still turn a profit under these lower prices. Notably, the prices would be even lower for buyers if the Chevy Bolt and Bolt EUV were still eligible for federal tax credits in the U.S. Sadly, neither EV is eligible.
Still, allow me to let my hair down for a second and say: Oh, God! Finally! Finally, we’re going in a direction that may convince more Americans to really consider an EV as their next vehicle. The high price of EVs is the biggest hurdle to EV ownership right now. Putting an EV squarely in the mid-$20,000 range could be a decisive factor for car shoppers who are on the fence.