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GM Cuts the Prices of Chevy Bolt Electric Vehicles

GM lowered the price of the 2023 Chevrolet Bolt EV on Wednesday, potentially making it the least costly Electric Vehicles on the market in the United States, despite growing material costs. The Bolt EV’s starting price has been reduced to $26,595, a $5,900 reduction from the 2022 model year. The price of GM’s bigger Bolt EUV has also been dropped by $6,300, with a starting price of $28,195. A required $995 destination fee is included in all prices.

The reductions come as automakers, particularly pure Electric Vehicles firms, raise prices on their Electric Vehicles in response to shifting market conditions and increased commodity costs, particularly for crucial components used in EV batteries. EV pricing has been raised by automakers such as Tesla and GM’s Cadillac brand, as well as EV start-ups Rivian and Lucid. GM cautioned on its first-quarter results call in April that overall commodity costs in 2022 will be $5 billion, more than twice what the carmaker had previously estimated.

A Chevrolet spokeswoman declined to comment on the Bolt models’ profitability or manufacturing costs, but they are likely cheaper than newer vehicles. The Bolt EV has been on the market since 2016, and it uses older battery technology than the company’s latest EVs, such as the GMC Hummer truck and the Cadillac Lyriq, which use its “Ultium” innovations.

Because GM has sold so many Electric Vehicles, the firm is not eligible for federal tax credits, which may total up to $7,500 for other automakers. Owners of the Bolt, on the other hand, may be eligible for state EV subsidies, which would drop the price even lower. The 2023 Bolts are slated to start production in the summer. After a recall due to fire hazards halted sales and manufacture for many months last year, GM is in the process of replenishing its dealership pipeline with the vehicles.

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