The cheapest electric vehicle on sale in the U.S. is the Chevrolet Bolt EV, which General GM slashed the price of on Wednesday.
The starting price of the Bolt EV has been reduced by $5,900 from the previous model year. The Bolt EUV was reduced by $6,300 to start at $28,195. The destination charge is mandatory.
The price cuts come at a time when EV companies are raising their prices due to changing market conditions and rising commodity costs.
EV start-ups such as Rivian and Lucid have seen their prices increase. During its first-quarter earnings call in April, GM warned that it expects commodity costs to double to $5 billion in 2022.
The Bolt models are likely lower than newer vehicles in terms of profitability and build costs. The Bolt EV has been in production since 2016 and features older battery technology than the company's new EV, which features its Ultium technology.
Chevrolet spokesman Shad Balch said in an email that the price adjustment is an effort to stay competitive in the EV marketplace and better align the manufacturer's suggested retail price with the average sale price for the customer.
The Bolt EV is expected to be the cheapest EV in the US.
Steve Majoros, vice president of Chevrolet marketing, said last month that Bolt sales are expected to reach a new record in 2022.
The production of the 2023 Bolts is expected to begin in the summer. After a fire risk shut down sales and production for several months of the past year, GM is in the middle of refilling its dealership line with new vehicles.
The Bolt EV has an electric range of up to 259 miles. The Bolt EUV has a range of more than 200 miles.
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