While most automakers are raising prices of their electric vehicles (EVs), General Motors (GM) announced on Wednesday it will be slashing prices on its lineup of Bolt EV and EUVs by nearly 20%.
For the Bolt EV, the 1LT version now starts at $26,595 USD, an 18% drop from the 2022 model year price of $32,495. The top-of-the-line 2LT Bolt EV is now priced 16% lower at $29,975 compared to $35,695.
The Bolt EUV saw similar price drops with the LT trim now at $28,195 (down 18% from $34,495) and the premium version down 16% to $32,695.
GM say the reason for the price drop is to make the Bolt EV and Bolt EUV “competitive in the marketplace,” with Chevrolet spokesperson Shad Balch stressing in a statement that “affordability has always been a priority for these vehicles.” (via The Verge)
However the more likely, but not as positive-sounding reason is that they are trying to revive slumping sales of the two EVs. The main reason for that slump is the widely publicized $2 billion recall of every single Bolt EV and EUV ever made over concerns the batteries may catch fire.
Not only was every Bolt recalled, but production was also shut down for eight months and only resumed in April while they investigated the cause and started replacing every single battery pack.
General Motors has not yet announced any similar price changes for the Bolt EV and EUV in Canada. We have reached out to the company for clarification and will update this story when we get a response.