GM Slashes Prices on Chevy Bolt Amid Shifting Market Conditions and Commodity Hikes

It's not a secret anymore. Owning a brand new electric vehicle could be a pipe dream for many auto consumers. With the average price of an electric car in the U.S. at $51,534 in April 2021, it's a welcome relief when an automaker slashes the prices of its models. On Wednesday, GM said it will sharply cut the price of its 2023 Chevrolet Bolt EV, despite rising commodity costs, Reuters reported.
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Last year, General Motors surprised the automotive world when it took the active step to recall and replace the batteries on more than 110,000 Chevy Bolt EVs. As a result, the Detroit-based automaker halted sales six months following the battery recall.

GM cut the cost of the Bolt EV to a starting price of $26,595, down $5,900 from the 2022 model year. The automaker also reduced the price of its larger Bolt EUV by $6,300, starting at $28,195. GM says the delivery charges are $995 and are reflected in the 2023 starting price.

After the price cuts, the Bolt EV will be the least expensive electric vehicle in the United States, even though not all automakers have released their pricing for the 2023 model year.

General Motors' price cuts come as a relief to many auto consumers when other automakers are jacking up EV prices to account for commodity hikes. GM says affordability has always been a priority for these vehicles.

"This change reflects our ongoing desire to make sure the Bolt EV/EUV are competitive in the marketplace," the Detroit-based automaker said in a statement.

Last month, Steve Majoros, vice president of Chevrolet marketing, said lower pricing would help strengthen Bolt sales and is expected to reach a record in 2022, rebounding from the last year's recall.

The Chevrolet Bolt EV fire hazard recall was not only a setback for the Silverado carmaker in terms of electric vehicle sales but also for its reputation in the EV market.


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