General Motors is boosting the price for the Chevrolet Bolt and Bolt EUV by hundreds of dollars due to increased pressures on prices across the industry.
The move, effective Monday, came about six months after the automaker dramatically slashed entry prices for both all-electric vehicles by about $6,000.
“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 the 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.”
Williams said the 2023 Bolt EV has increased in starting price by $900 to $27,495, which includes a destination charge. The Bolt EUV, an SUV-styling of the car, increased by $600 to a starting price of $28,795.
The 2023 Bolt EV and EUV are eligible for a $7,500 federal EV tax credit as part of last year’s Inflation Reduction Act. It could drop the entry price for the Bolt EV to below $20,000, truly making it the most affordable EV in the U.S.
“Tax credits are a proven accelerator of electric vehicle adoption and we are excited that qualifying customers will be able to take advantage of a $7,500 federal clean vehicle tax credit,” said Matt Ybarra, GM spokesman.
The next most inexpensive EV would be Nissan’s Leaf. The starting price for the Nissan Leaf is $28,895 with delivery fee. But a customer may also qualify for the federal tax incentive up to $7,500 on a new Leaf depending on their personal tax situation.
Here is a list of the EVs that qualify for the federal tax incentive.
In June, Chevrolet announced the 2023 model year Bolt EV will start at $26,595 and the 2023 Bolt EUV, an SUV styling of the EV, would start at $28,195. Both prices included the delivery fee. The starting price for the 2023 Bolt EV is $5,900 less than the 2022 model, and starting price for the 2023 EUV is $6,300 less.
Last month, GM recalled 140,000 Bolts in the U.S. and Canada to fix a seat belt problem that can cause fires. The recall covers certain Bolt hatchbacks from the 2017 to 2023 model years, but does not include Bolt EUVs or Bolts made for Cruise, GM’s self-driving car subsidiary in San Francisco.
While the Bolt is GM’s most affordable and accessible EV currently in the lineup, as the Free Press first reported, it will eventually disappear to make way for more EVs on the automaker’s Ultium platform. GM has said the 2024 Equinox EV, revealed last fall, is expected to start at about $30,000, making it one of the most affordable EVs GM offers.
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Contact Jamie L. LaReau: jlareau@freepress.com. Follow her on Twitter @jlareauan. Read more on General Motors and sign up for our autos newsletter. Become a subscriber.