Chevrolet to slash Bolt prices by $6,000 for 2023

DETROIT — Chevrolet has slashed the Bolt EV's and EUV's starting prices by about $6,000 for 2023 as it prepares to roll out electric crossovers powered by General Motors' Ultium batteries and aims to accelerate Bolt sales to record highs.

The price reductions come as average transaction prices continue to climb industrywide. GM's average transaction price was $50,717 in the first quarter, up 18 percent from a year earlier, according to TrueCar.

"This change reflects our ongoing desire to make sure Bolt EV/EUV are competitive in the marketplace. As we've said, affordability has always been a priority for these vehicles," Chevy said in a statement Wednesday.

Both the Bolt and its longer Bolt EUV sibling are built on the brand's previous-generation electric vehicle architecture. The 2023 Bolt EV will start at $26,595 for the 1LT base trim, compared with $32,495 for the 2022 model year.

The 2LT starts at $29,795, down from with $35,695.

The 2023 Bolt EUV will start at $28,195 for the LT trim, compared with $34,495, while the Premier trim will start at $32,695, down from $38,995. All prices include shipping.

Steve Majoros, director of Chevrolet marketing, said in April that the Bolt EV and EUV could hit a U.S. sales peak this year, topping last year's record of 24,828. Before Chevy recalled all Bolts for battery-fire risk last year, many sales were propelled by generous incentive offers. Post-recall, Chevy will continue to offer incentives on the EVs but at a lower level, Majoros said in April.

The Bolt's battery architecture has been used for several years, so the cost for GM is likely amortized, giving the automaker a cost advantage to offer lower pricing than competitors without taking a substantial hit, said Jesse Toprak, chief analyst at Autonomy.

"This is probably a critical juncture for GM where they have an opportunity to gain [U.S.] market share," he said. GM can start increasing EV share with the Bolt as a wise economic decision rather than a technology-based purchase, he said.

GM CEO Mary Barra has said that the automaker plans to launch an electric Equinox, which will be larger than the Bolts, for around $30,000 next year. The reduced pricing on the Bolts will help differentiate the crossovers. Because the Equinox is powered by more advanced batteries, the vehicle's range is likely to be longer than the Bolts'. The 2023 Bolt EV has a range of 259 miles on a full charge, and the EUV has a GM-estimated range of 247 miles on a full charge.