Chevy Bolt EV Price Increase: The federal EV tax credit is once more applicable to the 2023 Chevrolet Bolt EV, but there has also been a slight price hike.
When General Motors hit the previously established maximum of 200,000 unit sales, it became ineligible for the $7,500 credit. Once phased out under the 200,000-unit rule, manufacturers can again qualify under the updated regulations passed as part of the Inflation Reduction Act (IRA), which is scheduled to go into effect on January 1. However, they must satisfy new requirements for domestic assembly and sourcing requirements for battery minerals, among other things.
Initially, it was anticipated that the Bolt EV would only be eligible for a $3,750 credit; however, because the Internal Revenue Service (IRS) postponed some of its battery criteria, the Chevy is currently eligible for the full $7,500 credit.
The cost of the Bolt EV has increased by $900 from $27,495 to $27,495 plus the required $995 destination fee, according to GM. A $600 price increase appears planned for the related Bolt EUV, increasing the essential cost to $28,795 with the destination.
“Due to ongoing industry-related pricing pressures, the Chevy Bolt EV and EUV will see modest price increases starting in 2023, but we expect it to remain America’s most affordable EV,” the automaker said in a statement provided to Green Car Reports when asked about the pricing change and any connection to the EV tax credit. Chevrolet is still dedicated to playing its long-standing role of offering genuine value. We anticipate maintaining the record-breaking sales trend from 2022.
This comes after two price reductions recently. For the 2022 and 2023 model years, GM reduced the price by around $5,000 and $6,000, respectively. Thus, the Bolt EV and EUV continue to be some of the least expensive EVs available. The Bolt EV may be the least costly vehicle still eligible for the $7,500 EV tax credit.
After announcing the significant price reduction for the 2023 model year, GM even extended a retroactive discount to current customers. All Bolt EVs may have been affected by a battery recall, and many have received replacement battery packs. This presumably includes some of the older leftover inventory that benefited from the price.