After a Price Reduction, The Chevrolet Bolt has become the Cheapest BEV in the United States.
Chevrolet is hoping to recapture momentum after an embarrassing recall and a 9-month production pause, so the automaker is cutting the prices of its Bolt battery-electric vehicles by up to 18 percent, which is equivalent to a savings of up to $6,300. This implies that prospective purchasers can get their hands on the first-generation Chevy Bolt EV for a price as low as $26,595 for the 2023 model year. Despite the fact that not all of its rivals have responded as of yet, numerous analysts in the automotive industry believe that this will almost certainly place it in the position of having the lowest price of any battery-electric vehicle sold in the United States. Both of these prices include $995 in delivery fees, with the bigger Bolt EUV having a starting price of $28,195. GM stated in a statement that “affordability has always been a goal for these vehicles,” and that “this move reflects our continuous desire to make sure Bolt EV/EUV are competitive in the marketplace.”The Early Success was Cut Short by Rumors of the Potential for Fire
When it was introduced in 2016, the Chevrolet Bolt EV was General Motors’ first battery-electric vehicle with a long-range capability. Initially, it came equipped with a battery pack that had a capacity of 60-kilowatt hours and could go an estimated 238 miles on a single charge. The battery pack capacity was raised to 66 kWh in 2020, giving the Bolt EV hatchback an increased driving range of 259 miles. The Bolt EUV, which is more similar to an SUV, has a range of 247 miles per charge. These stats helped put Bolt in the position of being one of the best-selling battery electric vehicles (BEVs) in the country, second only to the many offers that Tesla has. However, this was before the federal regulators started looking into allegations that some of the Chevy models were catching fire, most of the time when they were being charged. In response to an increasing number of accidents, General Motors made the decision in 2018 to halt manufacturing and issue a recall for 141,000 Chevrolet Bolts manufactured up through the 2022 model year. Since production was restarted in March, sales have only just begun to gradually begin to recover. In the meantime, General Motors has been placing a greater emphasis on a new generation of electric vehicles (EVs) that it aims to bring to market by the middle of the decade, which will total 30 vehicles in total.
Price Reductions were Anticipated but not quite yet
This rollout started in the latter part of 2021 with the large GMC Hummer EV. On Wednesday, the company revealed the Wildcat concept for the Buick brand, and it is anticipated that a production version will follow soon after. It is getting ready to release the all-new Cadillac Lyriq crossover onto the market in the coming weeks, and it will follow it up in 2023 with the Chevrolet Silverado EV pickup truck. Although a significant number of these models are aimed at upper-tier market niches, General Motors is also considering entry-level markets. Recently, CEO Mary Barra stated that an all-electric version of the Chevrolet Equinox crossover would have a base price higher than $30,000. Sam Abuelsamid, the lead auto analyst for Guidehouse Insights, stated that “it appeared logical” that General Motors will eventually reduce the price of the Bolt EV and EUV versions so that they could fit below the Equinox. However, if they hadn’t been forced to stop production because of the recall, it’s possible that they would have waited for Equinox to go on sale before releasing it to the public.
The Bolt will be the Cheapest BEV in the United States
When the 2023 model year rolls around, the Bolt EV’s base price will drop to $26,595, representing a $5,900 reduction from the 2022 model year’s price. A reduction of $6,300 brings the base price of the larger Bolt EUV down to $28,195. This will put the Nissan Leaf, which has the lowest pricing of any battery electric vehicle (BEV) now available in the United States, at a disadvantage. The base model, the Leaf S, has a range of only 150 miles per charge and costs a starting price of $27,400. This pricing does not include the expense of having the item shipped to you. A spokeswoman for Chevrolet named Shad Balch stated that the price reduction “better matches” both of the Bolt versions with the expectations of the market. According to analyst Abuelsamid, the action could assist GM in getting the demand going for the two BEVs. And right now, GM could use a little bit of a boost, he continued. It is unable to achieve the increasingly stringent zero-emissions vehicle standards set by the State of California because it does not have a sufficient number of its new battery models in production. Should they not meet the requirements, the company may be subject to significant fines.
Frequently Asked Question
Is GM buying back Chevy bolts?
A GM official told Car and Driver that buybacks aren’t actually taking place. An official from General Motors told the news source, “We haven’t revised our goal, which is to replace all battery modules in the 2017–2019 model year vehicle population and to repair problematic modules in the 2020–2022 model years.”
How much is the battery for the Chevy Bolt?
A battery pack for a Chevy Bolt costs $262/kWh, according to Chevrolet’s own estimates from 2017. In 2020 Green cars, a 66kWh Chevrolet Bolt battery costs $16,000, which works up to a price of $250/kWh.
Is the Chevy Bolt built in the United States?
It was reported by Green Car Reports that the Chevrolet Bolt is the only American-built electric vehicle. General Motors’ facilities in Michigan built it, and the automaker isn’t shy about touting that fact.
How Many Miles per Gallon does the Chevrolet Bolt Achieve?
Both models of the Chevrolet Bolt provide ranges on a single charge that are close to 250 miles: On a full charge, the Chevrolet Bolt EV has a range of 259 miles. On a single charge, the Chevrolet Bolt EUV has a range of 247 miles.
Tags: 2023 model year, automotive industry, Bolt battery-electric vehicles, Bolt EV hatchback, Chevrolet Bolt, Chevrolet Bolt EV, Chevrolet Equinox crossover cheapest BEV, Chevrolet Silverado EV, Chevy Bolt costs, Chevy models, first-generation Chevy Bolt, larger Bolt EUV, new Cadillac Lyriq
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