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2023 Chevy Bolt gets a new price bump to ring in the New Year

Earlier this week, General Motors raised the price of its 2023 Chevrolet Bolt from $26,595 to $27,495, a $900 increase.

Earlier this week, General Motors raised the price of its 2023 Chevrolet Bolt from $26,595 to $27,495, a $900 increase.

The 2023 Chevy Bolt is considered one of the most budget-friendly vehicles on the market, falling far under the industry average of $65,000. In the race to compete with Tesla, automakers have focused on cornering the market for low-cost EVs, but many have struggled to keep their vehicle costs down, citing shortages and supply chain disruptions.

Chevy Bolts, 2023 chevy bolt
Photo Credit: Vermont State Police

More: Fire risk in Chevy Bolts forces GM to recall 140,000 units

GM also blamed the hike on external factors, and, assuming a miracle (or disaster) is not in the cards for this year, it is likely to raise the price even more as time goes on. However, the automaker also reiterated its commitment to keep the cost of the 2023 Chevy Bolt as low as possible. So long as its price falls under $28,000, which is the current going rate for the 2023 Nissan Leaf, it will hold onto its “cheapest on the market” status.

But whatever happens next, consumers are unlikely to pay much attention to the price hike. This is due to the rollout of the Biden Administration’s EV tax incentives, which went into affect this week. Buyers can earn a $7,500 credit on qualifying EV purchases, which would affectively lower the cost of the 2023 Chevy Bolt to just under $20,000. High price tags have always been a major sticking point for widespread EV adoption. The combination of credits and budget-friendly models may help bring back the enthusiasm for zero-emission vehicles, which had fallen considerably by the end of 2022.

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Colin Velez
Colin Velez
Colin Velez is a staff writer/reporter for CBT News. After obtaining his bachelor’s in Communication from Kennesaw State University in 2018, he kicked off his writing career by developing marketing and public relations material for various industries, including travel and fashion. Throughout the next four years, he developed a love for working with journalists and other content creators, and his passion eventually led him to his current position. Today, Colin writes news content and coordinates stories with auto-industry insiders and entrepreneurs throughout the U.S.

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