With the increased demand for EVs, General Motors is reducing the price of the Chevy Bolt

This month, General Motors made an unexpected step with Chevrolet Bolt hatchback as well as its slightly larger cousin, the Bolt EUV. GM lowered the cost of these electric vehicles by approximately $6,000 at a time when automobile supply is extremely limited, with dealers frequently charging hundreds of dollars beyond sticker and customers waiting weeks or months for delivery.

GM says it wants to communicate the message that “affordability has always been a primary consideration for these vehicles” while other manufacturers are raising EV prices to account for increased commodity costs.

Bolt EVs featuring the 1LT trim level will begin at $26,595, comprising dealer freight charges, under the new pricing plan. This represents an 18% decrease from the cost of $32,495 in 2022. The 2LT grade, which comes with HD surround vision, leather seats, and lane-change alert, costs $29,795, down from $35,695 in 2022.

The base price for the 2023 Bolt EUV featuring the LT trim is $28,195, comprising dealer freight charges, down from $34,495 for the 2022 model year. The Bolt EUV’s Premium trim level will cost $32,695, down from $38,995 in 2022. The $995 delivery fee is included in the base price for both cars and trim levels in 2023, according to GM.

GM only recently resumed production of these vehicles in April, after a nine-month hiatus while it grappled with a complex safety issue. The carmaker withdrew all of the approximately 142,000 Bolts that were ever produced due to an unusual battery fire hazard. Two months isn’t nearly enough time to refill dealerships and gauge demand.

The Chevy Bolt was unveiled in 2016 as the automaker’s first try at a mass-market that is all-electric vehicle featuring a range of 200 miles or more and a reasonable price tag.

Bolt sales have been sluggish since the launch of Tesla Model 3 in the year 2018. Most American vehicle customers prefer larger SUVs and trucks these days, so the Bolt’s compact hatchback size isn’t what they’re looking for. A current recall of Bolts from the 2017 to 2019 model years due to a defective battery that made the car susceptible to fires hasn’t helped matters.

Production of the compact electric vehicle began in early April, and the price reveal shows that GM is eager to find new customers for the vehicle. In July, orders for the Bolt EUV and EV for 2023 are slated to begin.

GM aims to be competitive in the US EV market while ramping up manufacturing of Ultium-based vehicles. In order to do so, the corporation had little choice except to reduce Bolt prices.

These aren’t the last inexpensive electric vehicles we’ll see. Models from Ford, Kia, and Hyundai will be confronted by something fresher, more fashionable, and with better batteries at some time. Shoppers will still have a choice of dazzling new items to admire as well as duller, discounted items to contemplate.

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