GM is slashing the price of 2023 Chevy Bolt, leaving it the cheapest EV in America for 2023.

General Motors laid out pricing for the 2023 version of the Bolt earlier this week. The base 1LT and the 2LT will now be priced at $26,595 and $29,795 respectively, a price cut of $5,900 per model versus last year.

The larger Bolt EUV is getting a similarly larger price cut, of $6,300.

The price cut represents a 18.5% drop for the regular Bolt EV from a year ago, as supply chains snarls and COVID lockdowns were driving up the prices of everything from components to labor.

And yet despite the price cut, GM notes no features have been removed or minimized compared to last year.

GM product specialist Shad Balch said, “Nothing has been removed. This reflects our ongoing desire to make sure Bolt EV/EUV is competitive in the marketplace. As we’ve said, affordability has always been a priority for these vehicles.”

Though official pricing has not been announced for the new year, the former cheapest EV in the US, the 2022 Nissan Leaf, starts at $27,400. That would mean this year the 2023 Bolt will be the cheapest EV in the US, at least on the sticker. Currently the Leaf qualifies for a $7,500 federal tax credit which the Bolt does not qualify for.

However, if the Leaf increases sales from its present 175,000 units to over 200,000, then the federal tax credit will be halved. In addition, the Leaf only has a range of 149 miles, whereas the cheapest Bolt has an estimated 259 miles. Even if one upgraded to the Nissan Leaf S Plus, at $32,400, the range will still be below the Bolt’s at only 226 miles.

This makes the Bolt a highly affordable option with decent electrical range for those seeking to enter the EV world. Presently the Leaf is the only competitor the Bolt faces, although Fisker has promised its Ocean EV SUV will start under $40,000 when it is released next year.

If the United States is to make its goal of having 50% of vehicle sales be all electric by 2030, There will need to be many more cheaper EV models made available.

Photo of Chevy Bolt courtesy of Wikipedia