Is the Bolt EV Price Cut a Sign of Things Changing for EVs?

Is the Bolt EV Price Cut a Sign of Things Changing for EVs?

The price of the 2023 Chevy Bolt EUV has been reduced by $6,300, reducing the price of the battery-electric crossover in the basic 1LT trim level below $30,000.

The 2023 Chevy Bolt EUV in 1LT trim will start at $28,195, down from $34,495 last year. Meanwhile, the Premier trim level will now start at $32,695, down from $38,995.

If you've been following the Bolt EV news here, you've seen the highs and lows. from battery fires to massive recalls, GM has had a rough time with the Bolt brand. However, on the plus side, GM managed to get the Bolt to market sooner than Tesla did with the Model 3, but it didn't sell as well as Tesla's entry-level electric vehicle. The Bolt has a longer range than comparable vehicles like the Spark EV, liquid cooling, more space, and more, but it's also front-wheel drive and looks charming rather than futuristic (particularly until 2022).

Chevy Bolt EUV

When GM's $7500 tax credits expired, it was unable to keep the price as high as Tesla. Instead, GM offered a seemingly infinite sequence of deep, deep discounts and manufacturing incentives to keep the price in the mid-$20,000s.

GM ran into a serious problem: fires, just as it was phasing in the Bolt EUV, a larger SUV-like variant of the car that should have greatly increased sales. It turns out that, like other manufacturers, GM purchased substandard battery cells from LG Chem, which may catch fire and destroy the entire car. Attempts to repair the vehicles without a complete recall of all battery cells failed, and the firm was forced to replace every Bolt EV and EUV battery pack.

The 2023 price drop

The price for the Bolt EV and Bolt EUV in 2023 received a lot of attention in the media last week. While it is a significant price reduction, many people are unaware that it is not as significant as some of the manufacturer's offers we've seen for the car in the past. What makes this unique is that they are now making those price decreases permanent rather than only doing it on a regular basis.

Personally, I don’t think the Bolt EV was ever really worth $35,000 or more. Yes, it's an EV, but it's far inferior to the Tesla Model 3. It outperforms the Nissan LEAF in terms of liquid cooling, but unlike the Model 3, the Bolt can only charge at 55 kW. This makes it exceedingly difficult to take a road trip in, whereas it is very straightforward in a Model 3. It's also front-wheel drive, which isn't required in an EV for affordability or snow performance. Furthermore, the Model 3 is available with all-wheel drive.

All 2023 Bolt EUV variants use a single, front-axle-mounted electric motor with 200 horsepower and 266 pound-feet of torque, powered by a 65 kWh lithium-ion battery. This configuration has a driving range of 247 miles according to the EPA.

Production of the 2023 Chevy Bolt EV and 2023 Chevy Bolt EUV will begin on July 21st at the GM Lake Orion factory in Michigan after the initial start date was pushed back in May for unspecified reasons. The Bolt EUV is a pretty decent EV for the price.

My thoughts on the Bolt

If you rarely leave town and don't care which wheels get the electricity, the Bolt EV is still a very good vehicle. It's approximately as practical as a Tesla for most drivers, with an EPA range of little under 260 miles. It boasts plenty of internal space, especially if you choose the bigger SUV model (even if you lose some cargo space in the rear hatch). Both variants retain a liquid-cooled battery, which should provide a longer useable life.

We'll see a lot more people able to buy one if we sell the car at a realistic price that represents its limits. This will enable a greater proportion of the population to contemplate switching to an EV for their local driving requirements, as well as some limited regional travels if you have the patience for charging.

Most readers, I believe, would agree that making the bottom of the market more accessible to more customers is beneficial not only to the entire business of GM, but helps society further our goals of a greener planet.

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