Seems we’re not the only ones baffled by the market positioning of Chevy’s first-ever Silverado EV. We called out the fact it shares nothing with its petrol-powered sibling, looks like an Avalanche, and can’t figure out who its target demographic is. Dealers are apparently at a loss as well and are listing discounts of as much as $16,000 off the sticker price of the ruggedly luxurious midscale super work truck.
Correction 7/29/24 4:00 pm ET: The original version of the story stated that only the Bolt EV/EUV qualified for the federal tax credit. This has been corrected to include the Blazer and Equinox EVs, as well as the Cadillac Lyriq.
OK, that probably doesn’t sound like that much of a bargain when the only model currently listed on the retail website’s configurator is the First Edition RST. And there’s not much to configure, anyway, other than choosing between black or white paint for the debut trim that starts at $96,495 (destination included).
When checking third-party online marketplaces, however, it looks like the previously fleet-only WT trim has been OK’d for retail distribution. With the listed MSRPs ranging from $68,900 to $80,445, that 16 grand appears to be a decent deal after all. Oh, but what’s the fine print say? “Advertised prices include factory incentives and rebates, dealership special offers, and more.”
Currently, the only GM vehicles to qualify for the $7,500 federal tax credit are the Bolt EV/EUV, Chevy Blazer EV, Chevy Equinox EV, and the Cadillac Lyriq. To compensate, the automaker opted to offer its own EV rebate, equal to the federal amount. That’s likely what “factory incentives” in the legalese is referring to.
Nevertheless, you’re looking at a full-size EV truck that delivers 510 horsepower and up to 834 lb-ft of torque. The Silverado EV range is an EPA-estimated 450 miles for the 4WT and 420 miles for the 3WT. The WT models offer more range than the Ford F-150 Lightning (320 miles) but less on power delivery (580 hp, 775 lb-ft of torque). But that’s where the RST comes in with its 754 hp and 785 lb-ft of torque. And like the RST, the 4WT can also tow as much as 10,000 pounds and has a 1,500-pound payload.
Factoring in the incentives means a $50,000-ish Chevy EV truck can go toe-to-toe with direct competitors like the F-150 Lightning and the Rivian R1T. Note that the Ford still qualifies for the feds’ full EV tax credit while only Rivian trims below the $80,000 MSRP threshold qualify, and only for $3,750 cash back. But only time will tell if the Chevy discounts are enough of a price dip to attract buyers to the Silverado EV, whomever those people may be.