The new prices are $26,595 for the 1LT and $29,795 for the 2LT — a reduction of $5,900 per model, the company said on its website.
“This change reflects our ongoing desire to make sure Bolt EV/EUV are competitive in the marketplace,” a GM spokesperson told The Verge. “As we’ve said, affordability has always been a priority for these vehicles.”
CNN reports that the Bolt’s price has fallen 27% from the 2020 model, which it sold for $36,620.
“The Bolt’s new price slightly undercuts the electric Nissan Leaf, which has a suggested retail price of $27,400,” according to CNN.
GM’s move comes on the heels of several automakers raising their prices due to inflation — perhaps most notably Tesla — in March. On March 14, Musk asked his followers, “What are your thoughts about probable inflation rate over next few years?” He added in a subsequent tweet, “Tesla & SpaceX are seeing significant recent inflation pressure in raw materials & logistics.”
GM’s EV efforts have been slowed down by a recall of Bolt batteries, which led to supplier LG paying GM $1.9 billion last year, per CNN. CNN added that a series of fires triggered the recall, which was among the most expensive ever on a per-vehicle basis. In April, the company reported better-than-expected volume production for the rest of 2022 as it “continues to navigate Category 5 Hurricane-like headwinds around near-term supply/chip issues with the company’s growth and transformation all focused on the EV revolution,” Wedbush Securities analyst Dan Ives said in a note sent to GOBankingRates.
Ives said he remained bullish on the stock, maintaining an Outperfom rating, as “the EV strategy is progressing well with its massive investment profile continuing to elevate in this EV arms race with cross-town rival Ford also trying to share the EV spotlight.”
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This article originally appeared on GOBankingRates.com: Chevy Bolt Now Least Expensive EV on the Market as GM Slashes Sticker Price