General Motors Co GM on Wednesday revealed a lower price for its 2023 Chevrolet Bolt EV as it looks to boost sales after being slammed by a huge recall due to fire risks that shut down sales and production for several months of the last year.
What Happened: Detroit, Michigan-based GM said the Bolt EV will be available at a starting price of $26,595 while the bigger Bolt EUV will be priced at $28,195.
GM has slashed the prices by $5,900 per vehicle for the Bolt EV and $6,300 for the EUV.
The automaker claims the Bolt EV can deliver a 259 miles range on a fully charged battery, while the EUV will have a claimed range of 247 miles.
The new Bolt EVs will go into production in the summer.
Why It Matters: GM was mired in a huge recall for the Bolt last year, forcing the company to halt production at the Orion plant. The legacy automaker had to recall about 141,000 Bolts that it ever built after finding battery issues that led to fires.
The price cuts for Bolt come at a time when most electric vehicle makers have been battling rising commodity costs and have announced price hikes. Tesla Inc TSLA had in March blamed inflationary pressures and was the first to announce multiple price hikes. The rest of the industry including Xpeng Inc XPEV, and BYD Co BYDDY followed suit.
Price Action: GM closed 1% lower at $38.3 on Wednesday. The stock is down 37.4% YTD.
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