Chevy Prices New Bolt EV at $37,495, Under $30k After Tax Credits

Maker beats Tesla Model 3 on range and availability.

by on Sep.20, 2016

Chevy says its 2017 Bolt EV will come in at $37,495 or just under $30k with government tax credits.

Chevrolet released the price on its new Bolt electric vehicle, coming in under the $37,500 before tax incentives executives had been suggesting for months: by $5. The new EV costs $37,495.

After the aforementioned government sweeteners, the Bolt will cost $29,995, according to Chevy officials. The new battery-powered car is the first to market for less than $30k with the ability to travel more than 200 miles on a single charge.

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The new Bolt will go 238 miles, which means it tops its chief competition in two ways: distance and availability.

Tesla’s Model 3, which is expected to hit the market sometime next year, is expected to go 215 miles and cost around $35,000.

“Value is a hallmark for Chevrolet and the pricing of the Bolt EV proves we’re serious about delivering the first affordable EV with plenty of range,” Alan Batey, president of GM North America, said in a statement. “We have kept our promise yet again, first on range and now on price.”

(U.S. drivers waste $2.1 billion annually on premium gasoline. For more, Click Here.)

The five-passenger Bolt will have a range of 238 miles on a charge.

That may be a bigger statement than initially intended by Batey. The $7,500 tax credit does not have an indefinitely life span. It’s expected to phase out in the years ahead, and if there is a change in party in the White House this fall, the “phasing” may begin quickly.

Additionally, there are a finite number of credits available – 200,000 per automaker – and GM has more left than Tesla does. After that, the amount of the credit begins to slide downward. However, Chevy isn’t just making the case for the five-passenger Bolt on the tax credit.

It developed a website that allows potential buyers to calculate how many miles they drive a day and what they could save by switching to an electric car.

(Click Here for more about the Chevy Bolt topping the Tesla Model 3 with a 238-mile range.)

The new EV is built at GM’s Orion Assembly north of Detroit, and will be available in two trim levels at launch: base LT and more upscale Premier. Standard LT features include a steering wheel paddle that regenerates the battery, rearview camera, 10.2-inch dashboard touch screen and self-sealing Michelin tires.

The Premier, which begins at $40,905 including destination, and features amenities like heated leather front and rear seats. DC Fast Charging is a $750 option for both versions.

GM hasn’t provided firm numbers on expected sales, but speculation has centered on about 30,000 units annually for the first year or so. That seems realistic since EV account for less than 1% of all new vehicles sold in the U.S.

(To see more about plug-based cars rapid growth, new study says, Click Here.)

Conversely, Tesla claims to have more than 370,000 deposits for its Model 3, which it debuted on March 31. The company is angling to go back to the market for additional funding to ensure it can meet its capital needs to get the Model 3 on the road next year, according to a recent Securities and Exchange Commission filing.

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