GM’s Chevy Bolt Now Comes With A Much Cheaper Price Tag: How Much It Is?

GM (GM) is slashing the price of its fully electric Chevy Bolt, undercutting all of its EV rivals. The Bolt will now have a price of $26,595, making it the cheapest electric vehicle sold in the U.S., CNN reported.

Previously, the 2023 Chevy Bolt had a price tag of $28,195. But in 2020, the vehicle cost $36,620, undergoing a 27% decrease to the new $26,595 price tag, according to CNN.

The Bolt EUV sedan also saw a price decrease of $6,300 to $28,195, CNBC reported. Both models include a $995 destination charge, the news outlet said.

The price cut comes as GM has suffered a number of recalls for the Bolt’s batteries after a series of fires. Battery supplier LG paid $1.9 billion in 2021 to rectify the issue, which forced a production halt of the EV from September 2021 through April 2022 to remedy the battery problem.

Company spokesperson Shad Balch told CNN the price reduction of the electric car was to make sure the vehicle was competitive in the marketplace.

“Affordability has always been a priority for these vehicles,” he said. Balch added that GM is committed to producing a recording number of Bolt vehicles in 2022, according to CNN.

GM’s price cut also comes as most EV makers are raising prices as commodity costs increase, especially for the precious metals used in batteries.

Tesla has raised the price of its EVs across the board, while Rivian and Lucid have also announced price increases for their EV models. Ford also raised the price of its fully electric Mustang Mach-E.

The Chevy Bolt has been in production since 2016, with plans to begin production of the 2023 model this summer.

The vehicle has a driving range of up to 259 miles on a full charge, while the Bolt EUV sedan has a range of up to 247 miles on a full charge, according to the automaker’s website.

As of Thursday premarket hours, shares of GM were trading at $38.28, up 1 cent, or 0.03%.