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These two electric cars from 2023 just got a big price reduction

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Car prices are going up. The cost of building cars is rising due to global supply chain problems and rising transportation costs. So the cost of buying a new car goes up. Except these two.

The 2023 Chevy Bolt EV and Bolt EUV get a jaw-dropping price cut in an effort to remain competitive.

$6,000 price drop

The smaller Bolt EV starts at $25,600 – down nearly $6,000 from its 2022 price.

The larger EUV — essentially a stretched-bolt with extra space in the rear seats and cargo area behind the seats — starts at $27,200 — a $6,300 discount off the 2022 model’s sticker price.

Chevrolet also charges a $995 destination fee for both bolts. Although GM GM,
-3.88%
has increased destination fees for many vehicles in recent months, it plans to keep delivery costs stable for Bolt so far.

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The smaller Bolt EV starts at $25,600.

Chevrolet

Increasing competition, recent recalls

There are good reasons for the move.

One is simple competition. GM’s two smallest electric vehicles, the Bolt brothers, are competing against an ever-growing number of electric cars from almost every automaker. Most are priced well above Bolts’ asking price. But most qualify for a $7,500 federal tax incentive that lowers their effective price.

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GM has sold so many electric cars that the tax credit no longer applies to the Bolts. Since the automaker can’t count on a federal incentive to keep its prices looking competitive, it’s doing it itself.

The other reason is that the Bolts have had a year of bad publicity and could use some good PR. Chevrolet was forced into an escalating series of recalls last year due to battery fires in both Bolts. It seems to have the problem under control now – we haven’t seen any new reports of battery fires, the recall has replaced almost every Bolt battery with a battery with a safer design, and the factory is producing Bolts again.

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It’s worth noting, though, that most of GM’s EVs — like the Cadillac Lyriq, GMC Hummer, and the upcoming Chevy Blazer EV — use a very different battery chemistry than the Bolts.

The move technically makes the Bolt EV the least expensive new electric car on the market. The 2022 Nissan NSANY,
-1.76%
Leaf starts at $27,400. However, the Leaf is eligible for that federal tax credit, making its effective price lower than either Chevy’s.

This story originally ran KBB.com