|Published : 20 Sep 2016, 12:03:28|
Chevy Bolt electric car to cost $30,000
General Motors Co on Tuesday announced its Chevrolet Bolt electric vehicle will cost under $30,000 after tax breaks, a price that makes it significantly cheaper than the average new US vehicle and sets up a test of whether the technology can go mainstream in the United States.
The least expensive Bolt will start at $37,495 before a $7,500 federal tax credit, meaning it would sell for $29,995, GM said. The average US price of a new car was $34,143 in August, according to Kelley Blue Book.
The Bolt will have a driving range of 238 miles on a full charge, substantially more than any currently available electric vehicle at a similar price.
However, analysts familiar with GM's plans say the Bolt will initially be a low-volume niche model with production of fewer than 30,000 cars per year. Fully electric cars currently account for less than 1 percent of US car and light truck sales.
GM executives had signaled the Bolt's price would be close to $37,500, but with the price now set, GM will accelerate efforts to steal thunder from rival Tesla Motors Inc, which has promised to deliver its new Model 3 next July with 215 miles of driving range on a full charge at a price of $35,000, according to Reuters.