Chevrolet Bumps Bolt EV Price, but It's Still the Most Affordable Electric Car in the U.S.

Chevrolet bumps the Bolt EV prices 6 photos
Photo: Chevrolet
Chevrolet Bolt demand is finally on the riseChevrolet Bolt demand is finally on the riseChevrolet Bolt demand is finally on the riseChevrolet Bolt demand is finally on the riseChevrolet Bolt demand is finally on the rise
Last year, Chevrolet cut $5,900 from the price of the Chevrolet Bolt EV, making it the most affordable electric vehicle in the U.S. For 2023, the Bow Tie brand decided to bump the Bolt EV price, although the amount is nothing to fret about.
The Chevrolet Bolt is a very strange case in the U.S. market. Once hailed as a Tesla killer, it almost killed itself after batteries started to catch fire due to a production issue. Even with replacement batteries, many believed (yours truly included) that Bolt’s fate was already sealed. After all, who would’ve bought such an ill-fated vehicle? Nevertheless, we didn’t take into account GM’s willingness to do whatever possible to turn the Bolt into a success story again.

The batteries were replaced on all affected vehicles, and production was resumed against all odds, even as GM is working to bring new Ultium-based EVs into the market. More than that, last year, Chevrolet threw in a big price cut and other perks for Bolt buyers, turning the beleaguered electric car into one of the most attractive EVs on the market. Now, Bolt is in an intriguing position, where a new model might be less expensive than one selling used. Indeed, many used examples on the market have a price of around $28,000, whereas the new Bolt EV starts at $26,595.

Nevertheless, with the start of the IRA tax credit program on January 1, people expected Chevrolet to raise the price. After all, factoring in the $3,750 credit that Bolt would qualify, the Bolt EV would’ve been ridiculously cheap at $22,845. Until the IRS implements the new battery guidelines in March, the Bolt is even more affordable, benefitting from the full $7,500 tax credit. This means it can be bought at $19,095 at least until March.

Sure thing, Chevrolet has announced a price bump, although it was far lower than expected. According to a GM statement, the price will increase by $900 for the Chevy Bolt EV and by $600 in the case of the Bolt EUV. Thus Bolt EV retails for $27,495, including destination charges, whereas the Bolt EUV has a starting price of $28,795. At the time of writing, the Chevrolet website still lists the original prices, not including the price increase. Nevertheless, things are set to change soon, as confirmed by a Chevrolet spokesperson.

“Due to ongoing industry-related pricing pressures, the Chevy Bolt EV and EUV will see modest price increases starting in 2023, but we expect it to remain America’s most affordable EV,” said Cody Williams, Chevrolet spokesman, in a statement to Detroit Free Press. “Chevrolet remains committed in its long-standing role to provide true value. We expect to continue building the record sales momentum we saw in 2022.”

Sadly, the Chevrolet Bolt will disappear to make way for other EVs built on GM’s Ultium platform. Most probably, the Equinox EV, announced last fall, will replace the Bolt as the most affordable EV in the GM lineup. The Chevrolet Equinox EV will start deliveries later this year, and prices are expected to start at about $30,000.
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About the author: Cristian Agatie
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After his childhood dream of becoming a "tractor operator" didn't pan out, Cristian turned to journalism, first in print and later moving to online media. His top interests are electric vehicles and new energy solutions.
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