General Motors has announced a $6,300 price cut to its 2023 Chevrolet Bolt, making it the least expensive electric vehicle in the country.

Why it matters: With national gas prices at an all-time high, many drivers are making the switch to electric vehicles, according to Time magazine. Lowering prices on electric vehicles makes them a lot more accessible to the average consumer.

  • California proposed a plan in April to “mandate a steady increase in the sale of electric and zero-emissions vehicles,” ultimately banning new gasoline-powered cars by 2035, The New York Times reported.
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What they’re saying: GM spokesperson Shad Balch said the company lowered the prices to ensure Bolt vehicles remain competitive in the marketplace, according to CNN Business.

  • “Affordability has always been a priority for these vehicles,” said Balch, per CNN Business.
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Details: The 2023 Chevy Bolt will cost $26,595, beating out what used to be the most affordable EV, the Nissan Leaf, which costs $28,195, The Drive reported.

  • According to CNBC, other electric vehicle car companies like Tesla, GM’s Cadillac brand, and EV startups Rivian and Lucid have raised their prices on EVs due to increasing demand.
  • The Bolt EV has a range of up to 259 miles on a full charge, while the bigger Bolt EUV has a slightly lower range of 247 miles on a full charge, per CNET.
  • Production of the 2023 Bolts is expected to begin in the summer, reports CNBC.
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