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.
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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