The Bolt isn't a money maker yet, but it could pay off in the long run.
Chevrolet has been praised pretty heavily for its all-new, all-electric Bolt subcompact. But as the nationwide rollout begins, even with the accolades attached, the company stands to lose as much as $9,000 on every one it sells. That’s according to a new report by Bloomberg.
In an interview with Eric Noble, president of the CarLab – an Orange, California-based consulting company – he concluded that most electric cars, like the Fiat 500e, lose at least $10,000 per sale, Bolt included. That loss comes thanks in part to California’s stringent electric vehicle policy, which nine other states have adopted, including New York and New Jersey.
The policy mandates that an automaker must offer some non-polluting vehicles if they want to continue to do business in the state, and has seen as many as 10 brands – Fiat, Kia, and now Chevy included – introduce the zero-emissions vehicles to their lineup to meet gas-powered vehicle targets.
The Chevrolet Bolt, unlike the Fiat 500e and electric Kia Soul, will be sold nationwide. The EV will offer a range of 238-miles and boast a sticker price of $37,500. The company is offering lease deals as low as $309/month with no cash down after the $7,500 tax credit and the $2,500 CVRP mail-in rebate from the California Air Resources Board.
For Chevy, the Bolt acts as a ballast between non-profitable EV sales and hyper-profitable small truck and SUV sales. The company also hopes that it will draw in younger buyers with its 'green' appeal, leading to potential sales of other gas-powered vehicles in its extended lineup.
Over the next eight years, electric vehicle demands set forth by President Obama are expected to cost upwards of $40B for automakers, demanding a standard of 35.6 mpg this year that will eventually go to 50.8 mpg under current legislation. Already, automakers like Chevrolet, Ford, and others are urging Trump to "roll back" mpg legislation set forth by the Obama administration.