It’s tougher than ever to compete in the affordable electric vehicle segment, and that certainly applies to the humble Chevy Bolt and Bolt EUV. In order to attract entry-level buyers, General Motors has slashed the cars’ base prices drastically, and I don’t mean by a grand or two. Chevy is even undercutting the Nissan Leaf with its pair of budget EVs as they now start at $26,595 and $28,195, respectively.
These prices include a $995 destination fee, meaning that’s how much you’ll pay if you go through a no-markup dealer. For the normal Bolt, this new base MSRP touts a massive $5,900 drop from MY2022’s starting price of $32,495. Buyers interested in the more feature-rich 2LT trim will fork over $29,795, which also represents a $5,900 cut. And as for the Bolt EUV, expect an even heftier price reduction. Both the base and Premier trim will chop $6,300 off the top, with the latter now coming in at $38,995. That means the nicest Chevy Bolt EUV is still $10,000 less than a base Tesla Model 3.
Admittedly, the Bolt hasn’t enjoyed the glow-up that other EVs have over the years. When the plain ol’ Bolt debuted as a 2017 model year, it was priced at $37,495; that’s around $44,200 today when accounting for inflation. Its 238 miles of battery-only range dwarfed competitors like the Hyundai Ioniq Electric, Nissan Leaf, and Volkswagen eGolf, so it was a fairly attractive offering for any would-be EV owner. Additionally, it kept people from coughing up the cash and sitting through the long wait times for a brand new Tesla Model 3. But that was so five years ago.
Since then, the Bolt has only gained a few extra miles of range, bringing its total to 259 miles. Plus, other crossover-sized options exist that have drawn in more buyers than the larger Bolt EUV. New vehicles on the market have also begun to easily outclass the Bolt’s range and size, so what exactly does the Bolt have going for it? Well, with a $6,000 discount year-over-year, the answer is apparently its affordable price tag.
“This change reflects our ongoing desire to make sure Bolt EV/EUV are competitive in the marketplace,” a GM spokesperson said in a statement to The Verge. “As we’ve said, affordability has always been a priority for these vehicles.”
GM is expected to begin production on the 2023 Bolt and Bolt EUV later this year. It only recently resumed production of the current 2022 Bolt after a comprehensive battery recall stunted production for months. However, the automaker expects the price drop to result in a massive uptick in sales.
Before you go rushing to the dealer lot, remember that GM has reached the threshold on its $7,500 EV tax credits. But that might not really matter because, at less than $27,000, the Bolt is extremely well priced and covers the vast majority of daily commutes. That is, of course, assuming you can find a car at MSRP in this market.
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