The price of the new Bolt is slightly lower than the Nissan Leaf electric car, which has a suggested retail price of $27,400.
Bolt’s price is 27% lower than the 2020 model, which sold for $36,620. GM’s electric vehicle propulsion was hampered by pulling Bolt batteries, causing supplier LG to push it $1.9 billion last year. A series of fires caused the summoning process, which was among the the most expensive Ever on a per vehicle basis.
GM halted production of the Bolt in September 2021 as it worked with LG to prioritize batteries for recalled vehicles, but the company restarted the assembly line in early April 2022. GM introduced the Cross Bolt, known as the Bolt EUV, in 2022.
GM introduced the Bolt sedan in 2016 and sold 23,297 units in 2017. But sales have fallen and have been generally flat, with GM selling a combined 24,828 Bolt sedans and crossovers in 2022.
GM spokesman Chad Balch said it cut prices to make sure Bolt cars are competitive in the market.
“Affordability has always been a priority for these vehicles,” Balch said.
The price for the 2023 Bolt EUV starts at $28,195, down $6,300 from its previous price.
Balch said GM is committed to producing a record amount of Bolt vehicles this year.
New Bolt prices may attract the interest of buyers who can’t afford other electric vehicles. The cheapest Tesla car, the Model 3, Selling for $46,990, and comes to $48,440 after fees, some of which are industry standard. Chevrolet includes the dealer’s shipping fee in the base Bolt price. The Model 3’s price is 34% higher than it was three years ago.
in Tweet MarchTesla CEO Elon Musk noted “recent significant inflationary pressures in raw materials and logistics” as the reason for the price hike. Prices of important metals such as lithium, nickel and cobalt rose in the last year.
Ford has raised the price of its electric car, the Mustang Mach-E, and the Rivian Rising prices on its vehicles.
The American economy witnessed standard inflation This year, with a sharp rise in the prices of many commodities, including carswhich makes GM’s decision even more surprising.
GM declined to say whether the Bolt would be profitable with the new lower price.