The 2023 Chevrolet Bolt EV gets a small price increase for 2023, now starting at $27,495 with destination included. It's still less expensive than the 2022 model, and it also currently qualifies for the full $7,500 EV tax credit under the Inflation Reduction Act, which took effect on January 1.
According to Chevrolet's website, the list price for a 2022 Bolt starts at $31,500, excluding taxes, title, licensing, and other fees. Last June, Chevrolet announced a $6,300 price cut for the 2023 Bolt, lowering the base price to $26,595, including the destination fee.
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A spokesperson at GM confirmed the price increase, indicating it's the result of industry-related pricing pressures. "The Chevy Bolt EV and EUV saw modest price increases starting in 2023, but we expect it to remain America’s most affordable EV."
With the current price increase, the base price is up $900 but is still $5,000 cheaper than the 2022 model. It also remains one of the best electric car deals thanks to the low list price and additional available discounts.
Previously, the Chevrolet Bolt lost the $7,500 EV tax credit when it reached the 200,000-unit sales cap in place for the incentive. That changed once the new Inflation Reduction Act took effect in January, which provides tax credits for EVs manufactured in the US. Currently, the Bolt qualifies for the full $7,500 EV tax credit, but it could drop to $3,750 if the US Treasury revises its guidance for battery materials when it meets in March.
Added up, it's possible to buy a 2023 Chevrolet Bolt for under $16,000 with the $7,500 EV tax credit and all of the discounts. The discounts and aggressive pricing are part of GM's strategy to keep the Bolt competitive, delivering strong sales in the EV marketplace. GM previously set a goal of selling 400,000 EVs through the end of 2023 but recently scaled back that target due to delays in battery pack production and challenges in hiring and training assembly workers.
Source: Chevrolet via Green Car Reports