2016/09/20

GM Makes It Official: Chevy Bolt EV Will Cost Under $30,000 After Tax Breaks

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Chevy Bolt EV beach
2017 Chevy Bolt EV is bigger than it looks
General Motors GM +2.42% confirmed today that its upcoming ChevroletBolt EV will carry a base sticker price of $37,495, but customers could wind up paying less than $30,000 after federal tax credits.
GM has been saying for a year now that it will bring an affordable, long-range electric car to market by the end of 2016. Last week, it announced the Bolt will have an EPA-estimated range of 238 miles on a full charge, beating expectations. Now, it’s making good on the pledge to make it affordable.

With an available federal tax credit of up to $7,500, Bolt buyers could wind up with a net cost of $29,995.

“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 for our customers,” said Alan Batey, president of GM North America and leader of Global Chevrolet. “We have kept our promise yet again, first on range and now on price.”

At $37,495, the base LT model comes with one-pedal driving using Regen on Demand, a feature activated by a steering wheel paddle that allows the car to capture and reuses energy from braking, boosting battery range by up to 5 percent. The LT trim also includes a standard rear vision camera, 10.2-inch diagonal color touch screen and Michelin self-sealing tires.

The Premier trim level, with a sticker price of $40,905, adds standard features such as leather-appointed seats, front and rear heated seats, surround camera and rear camera mirror.

The Bolt EV will be available at select dealerships in California in late 2016, with expanded distribution in 2017. It is being manufactured at a GM plant outside of Detroit.
GM has high hopes for the Bolt, in terms of both individual sales and aspart of ride-hailing fleets with its partner, Lyft. (GM invested $500 million in the car-sharing service earlier this year.) GM expects to ship many of the first Bolts to its Lyft Express EXPR -2.45% Drive rental program, which provides Lyft drivers with discounts on GM rentals.


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Tesla Model 3 – coming (maybe) in late 2017
The plug-in Bolt will have at least a year-long head start over Tesla Motors' TSLA +0.46% upcoming Model 3, which has attracted nearly 400,000 pre-orders since March. It’s unclear how many of those people will give up waiting for the Model 3 and buy a Bolt instead, but initial reviews, combined with news of its impressive range and now, an affordable price tag, will certainly give the Bolt some buzz in the market.
In a beauty contest, most people would likely favor the sleeker-looking Model 3 over the Bolt. But SUVs are all the rage these days, and the Bolt’s boxy shape could very well be right on trend.

Its biggest selling point over the Model 3, however, has to be its incredible roominess. Though small on the outside, the Bolt has 17 cubic feet of cargo space behind the rear seat (even more with the seats down). It feels like a bigger car.

Chevrolet can enjoy the limelight for a little while, but competition is in the rear view mirror. Aside from Tesla, Ford Motor F +0.00%, Nissan Motors and Volkswagen have all announced plans to produce long-range, mass-market EVs.
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