The 2023 Chevrolet Bolt EV once again qualifies for the federal EV tax credit, but now it’s also getting a small price increase.
General Motors lost eligibility for the $7,500 credit when it reached the 200,000-unit sales cap that was previously in place. Under the revamped rules enacted as part of the Inflation Reduction Act (IRA) and due to take effect Jan. 1, manufacturers that previously phased out under the 200,000-unit rule can once again qualify—if they meet new requirements for domestic assembly, as well as sourcing requirements for battery minerals, among other things.
It was previously thought the Bolt EV would only qualify for a $3,750 credit, but because the Internal Revenue Service (IRS) pushed back some of its battery requirements, the Chevy qualifies for the full $7,500 credit for the time being.
GM has raised the price of the Bolt EV by $900 to $27,495 with the mandatory $995 destination charge. The related Bolt EUV looks slated to get a $600 price bump, bringing the base price to $28,795 with destination.
The automaker, when asked about the pricing change and any connection to the EV tax credit, didn’t mention the latter in a statement provided to Green Car Reports: “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. Chevrolet remains committed in its long-standing role to provide true value. We expect to continue building the record sales momentum we saw in 2022.”
This comes after two recent price cuts. GM lowered the price by about $5,000 across the lineup for the 2022 model year, and by about $6,000 for 2023. So the Bolt EV and EUV remain some of the cheapest EVs on the market. It now appears that the Bolt EV may be the lowest-priced car to qualify for the $7,500 EV tax credit, in fact.
GM even offered a retroactive discount to existing buyers following its announcement of the big 2023 model year price cut. A battery recall affected potentially all Bolt EVs and has brought new battery packs to many, likely including some of the older leftover inventory that benefited from that discount.
- VW ID.7 prototype previews long-range electric sedan due in 2024
- Report: South Korea fines Tesla $2.2M over cold-weather range
- Ford F-150 Lightning: Green Car Reports Best Car To Buy 2023
- Rivian EDV: All about electric vans for Amazon and beyond
- Each EV with V2G charger might earn $15,000 over 10 years