The 2023 Chevrolet Bolt EV gets a slight price increase for 2023, now starting at $27,495 including destinations. It’s still cheaper than the 2022 model, and it’s also currently eligible for the full $7,500 electric vehicle tax credit under the Inflation Reducing Act, which goes into effect January 1.
According to the Chevrolet website, list prices for the 2022 Bolt start at $31,500, excluding taxes, ownership, licensing and other fees. Last June, Chevrolet announced a $6,300 price cut for the 2023 Bolt, dropping the base price to $26,595, including destination fees.
A GM spokesperson confirmed the price increase, pointing out that it was the result of price pressures related to the industry. “Chevy Bolt EV and EUV see modest price increases starting in 2023, but we expect it to remain America’s most affordable EV.”
With the current price increase, the base price is up $900 but is still $5,000 cheaper than the 2022 model. It also remains one of the best electric car deals thanks to the low list price and additional discounts available.
Previously, the Chevrolet Bolt lost a $7,500 electric vehicle tax credit when it reached the 200,000 unit sales limit for the incentive. That changed after the new Inflation Reducing Act went into effect in January, which provides a tax credit for electric vehicles manufactured in the US. Currently, Bolt is eligible for the full $7,500 EV tax credit, but could drop to $3,750 if the US Treasury revises its guidance for battery materials when it meets in March.
Plus, it’s possible to buy a 2023 Chevrolet Bolt for under $16,000 with a $7,500 EV tax credit and all discounts. Discounts and aggressive pricing are part of GM’s strategy to keep Bolt competitive, delivering strong sales in the electric vehicle market. GM previously set a goal of selling 400,000 EVs through the end of 2023 but recently lowered that target due to delays in battery pack production and challenges in hiring and training assembly workers.
