GM says Chevrolet Bolt price rollbacks spiked demand past what it can supply

UAW Local 5960 member Kimberly Fuhr inspects a Chevrolet Bolt EV during vehicle production on Thursday, May 6, 2021, at the General Motors Orion Assembly Plant in Orion Township, Michigan. (Photo by Steve Fecht for Chevrolet)

General Motors (NYSE: GM) said this morning that demand for the Chevrolet Bolt EV and EUV models is outpacing what it can supply since adopting a new pricing strategy, which put the base-level trim of the car at under $30,000.

In June, GM announced it would push both the new Bolt EV to a starting price of $26,595, while the Bolt EUV starts at $28,195, both prices including the $995 destination charge. Due to supply chain issues, it was an unforeseen pullback on pricing as other automakers have battled to lower prices. Electric vehicles have seen substantial spikes in prices since earlier this year.

GM said it was its goal to make the Bolt’s two body styles more affordable as it wanted to make sure it was competitive in the sector, a company spokesperson said to The Verge. “As we’ve said, affordability has always been a priority for these vehicles.”

In the press release GM released this morning to announce Q3 delivery and production figures, the company stated that demand has exceeded what it can supply:

“Demand for the Chevrolet Bolt EV and Bolt EUV have outpaced supply, especially since a new pricing strategy was announced this summer that makes them among the most affordable EVs on the road.”

GM also stated that the base-level trims for both vehicles have gotten even more affordable. The Bolt EV starts at $25,600, while the Bolt EUV now begins at $27,200.

Chevrolet sold 14,709 units of the Bolt EV and EUV in Q3. It also plans to continue increasing calendar-year production from 44,000 vehicles to more than 70,000 annually, beginning next year.

GM had an extremely impressive quarter, selling 555,580 vehicles in the United States with a 24 percent increase year-over-year.

At the time of writing, shares of General Motors were up 2.17 percent.

Disclosure: Joey Klender is not a GM Shareholder.

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Joey Klender: Joey has been a journalist covering electric mobility at TESLARATI since August 2019. In his time at TESLARATI, Joey has broken several big stories, including the first images of the Tesla Model S Plaid, the imminent release of the 4680 Model Y through EPA certification, and several expansions to the Lucid AMP-1 factory in Arizona, to name a few. His stories have been featured in several publications, including Yahoo! Finance, Fox News, CNET, and Seeking Alpha. In his spare time, Joey is playing golf, watching MMA, or cheering on any of his favorite sports teams, including the Baltimore Ravens and Orioles, Miami Heat, Washington Capitals, and Penn State Nittany Lions. You can get in touch with joey at He is also on Twitter @KlenderJoey.
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