General Motors has announced it is increasing the price of the 2023 Chevy Bolt EV and EUV in the US due to increased costs. Fortunately the increase is less than one thousand dollars, and comes a few months after the automaker slashed the price of the affordable EV by nearly 20%.
According to GM the 2023 Bolt EV now starts at $27,495 USD, an increase of $900, while the Bolt EUV has increased by $600 and now starts at $28,975. In an emailed statement GM said the increases were due to ongoing price pressures being experienced not only by GM but by all automakers.
“Due to ongoing industry-related pricing pressures, the Chevy Bolt EV and EUV will see modest price increases starting in 2023, but we expect it to remain America’s most affordable EV. Chevrolet remains committed in its long-standing role to provide true value. We expect to continue building the record sales momentum we saw in 2022.”
Even with the price increases both the Bolt EV and EUV are still well under the price limit and qualify for the full $7,500 tax credit in the US, meaning the Bolt EV could still be purchased for under $20,000 if a customer qualifies for the full incentive. The next most affordable EV is the Nissan Leaf, which starts at $28,895 and is also eligible for the $7,500 tax credit.
The Bolt EV and EUV have been making a lot of headlines over the last year, and not always for the right reasons. GM was forced to recall every single Bolt EV and EUV ever made and replace their battery packs over concerns they might catch fire. The recall led to warnings for owners not to park their cars indoors or near other vehicles, and even resulted in some parking garages banning them from entering their facilities.
The recall would cost upwards of $2 billion to complete. Battery supplier LG Electronics agreed to bear most of those costs.
There have been no similar price adjustments announced for Canada.