How Chevy’s New Bolt Could Become the Cheapest EV in the U.S.
Not just any affordable EV, but the most affordable on the market.
The beloved Chevrolet Bolt is almost back from the brink of extinction. Even better, GM understands what made the Bolt so popular in the first place and is doubling down on the affordability aspect.
In an interview with Automotive News, Marissa West, GM’s new North American president, said that a new Bolt will be “the most affordable vehicle on the market by 2025.” That’s a bold claim, but not an impossible one for Chevy. After all, the most affordable EV on the market right now starts at around $28,000 before any federal tax incentives. Chevy’s not the only automaker interested in making entry-level EVs, but here’s how it can make the most affordable model for next year.
The Chevy Bolt is getting a modern upgrade to GM’s Ultium platform.
Keeping the Bolt Affordable
Luckily, Chevy isn’t starting from scratch with the Bolt since it already has a tried-and-true build that we just saw with the latest 2023 model that went for $27,495. Now, the automaker plans to port the Bolt’s design over to the Ultium platform that all of GM’s EVs run on, including everything from the Equinox EV to Cadillac’s Escalade IQ. The upcoming Bolt should see a switch over to lithium ferro-phosphate (LFP) battery chemistry, too, which should lower manufacturing costs.
It’s clear that Chevy still wants to build out the affordable portion of its EV lineup, especially since the automaker recently started deliveries for the all-electric Equinox and is currently working on an electrified Camaro that could start at $35,000. On top of that, the demand for smaller, affordable EVs is still there, especially the Bolt, whose older models remain a top choice for an entry-level EV.
The Chevy Bolt may face more competition in the affordable segment in the coming years.
The Current Competition
To truly earn the title of “most affordable EV” in the U.S., Chevy has to undercut the latest Nissan Leaf which goes for $28,140. The automaker still hasn’t announced how much the returning Bolt would cost, but it’ll have to get close to its previous sticker price for West’s claim to be true. However, even if the Bolt doesn’t beat the Nissan Leaf in price, it might still be a better EV since it should have more range and won’t use the dying CHAdeMO charging port.
Keep in mind that the upcoming Chevy Bolt might only live up to this accolade as the most affordable EV in the U.S. for a short time. Several other automakers are looking into making their own small, affordable EVs, including Ford and Volkswagen. Either way, American customers should finally have reasonably-affordable EV options in a couple of years.
