GM is slashing prices for the Chevy Bolt amid high demand for electric vehicles

Photo by Andrew J. Hawkins / The Verge

The Bolt EV and Bolt EUV are being slashed by General GM due to high demand for electric vehicles. GM wants to send a message thataffordability has always been a priority for these vehicles, while other automakers are jacking up EV prices to account for rising commodity costs.

The Bolt EV with the 1LT trim will start at $26,595, which includes dealer freight charges. The price is down from the previous year, when it was $32,495. The price of the 2LT trim, which includes leather seats, HD surround vision, and lane change alert, starts at $29,795, a 16 percent decrease from the previous price.

The Bolt EUV with the LT trim starts at $28,195 and includes dealer freight charges, which is 18 percent less than the model year price of $34,495. The Bolt EUV Premium trim level will cost $32,695, a 16 percent decrease from the previous year. The starting price for both vehicles and all trim levels is reflected in the delivery charges.

The change reflects the desire to make sure Bolt EV/EUV are competitive in the marketplace.

The Chevy Bolt was supposed to be the first mass-market purely battery-electric vehicle with over 200 miles of range and an affordable price tag.

Bolt sales have been anemic since the release of the Model 3. Most American car buyers prefer larger SUVs and trucks over the Bolt's compact size. A recent recall of Bolts related to a flawed battery that left the vehicle prone to fires hasn't helped either.

Today's price announcement shows that GM is very interested in finding new buyers for its compact EV. The Bolt EV and EUV are expected to be ordered in July.

EV prices are going up because of changing market conditions and rising commodity costs. The price of batteries has been falling for years, but some experts are predicting that the price of batteries will go up in the next few years.