2022 Chevy Bolt Price Cut
There are several high end all-electric vehicles coming soon from General Motors, including the Cadillac Lyriq and the much-anticipated GMC Hummer EV. The Lyriq is expected to cost over $60,000 while the Hummer will have an MSRP of $112,595. This begs the question, what’s GM doing for the common folk? Well, the Chevrolet Bolt has been a huge success story for the automaker, selling over 100,000 units worldwide since 2017. So, when Chevy’s loyal and enthusiastic Bolt customers speak, GM listens.
Behind the Bolt's Price Cut
Based on consumer comments, Chevy will offer a big price drop of $5,500 on the 2022 base model Bolt. It seems that the automaker priced the current Bolt based on the assumption that consumers would be eligible for the $7,500 federal tax credit on EVs. But a one-year phase out period ending on March 31, 2020 eliminated the credit for GM’s new Bolt buyers. The new price point means the 2022 Bolt’s MSRP will start at $31,995 including destination charges. There will also be a new and bigger Bolt EUV crossover that will offer more aggressive styling that will start at $33,995.
This new price point is important for GM to keep in step with the evolving competitive landscape of EV offerings. Most notably the new Ford Mustang Mach-E with a starting MSRP of $43,995 in its Standard range trim. The other big competitor is the Nissan Leaf, which in its Leaf SV Plus trim, compares closely to the new Bolt EUV in features, range and cost. If you can still claim the federal tax credit on the Ford Mustang or the Nissan Leaf, that brings the price down to $33,895 on the Leaf and $36,495 on the Mustang.
Federal Tax Credit Changes
General Motors and Tesla have already sold over 200,000 electric cars each and are no longer able to give the EV tax credit to buyers. But the Biden administration is planning on an extension of the EV tax credit. The updated credit would drop to $7,000 and lift the ceiling from 200,000 to 600,000 qualifying vehicles. There will also likely be a provision for used electric vehicles. If that bill passes, the 2022 Bolt EV would have a starting MSRP of less than $25,000 for many buyers.
An amazing 75 percent of Bolt buyers are new to General Motors and they are among the brand’s most vocal supporters. GM is hoping that the newly revamped Bolt for 2022, with its focus on a new body style and such tech as the automaker’s new Super Cruise driver assist features, will keep new buyers enthusiastic.
The 2022 Chevy Bolt: A Closer Look
According to GM, the 2022 Bolt has been improved based on customer feedback with more comfortable seats and a more contemporary interior cabin. A 10.2-inch touchscreen will house the Bolt’s infotainment system supporting Apple CarPlay and Android Auto connections. A wireless charger is optional, and the shifter has been updated to a push-button system in the center console. You can also enable one-pedal driving, using regenerative braking to bring the car to a stop without using the brake pedal.
Cargo space is 16.6 cubic feet which goes up to 57.0 cubic feet with the rear seats down. While the new Bolt will look different on the outside and inside, the vehicle specs are similar to the 2021 model. It’s still powered by a single 200 horsepower motor delivering 266 pound-feet of torque to the front wheels. The car’s range is still 259 miles between charges and the battery is still a 65.0-kWh capacity pack. Chevy says that drivers can add 100 miles of range in just 30 minutes on a DC Fast Charger.
The new, less expensive Chevy Bolt will be in showrooms this summer and available on the GreenCars Marketplace powered by Driveway.