General Motors announced Wednesday that it's cut the price of the most affordable Chevrolet Bolt to $26,595, making it the cheapest electric vehicle in the US.
The Bolt's new price slightly undercuts the electric Nissan Leaf, which has a suggested retail price of $27,400.
The Bolt's price has fallen 27% from the 2020 model, which it sold for $36,620.
GM's electric vehicle push has been hampered by a recall of Bolt batteries, which led to supplier LG paying it $1.9 billion last year.
GM introduced the Bolt sedan in 2016 and sold 23,297 units in 2017. But sales slumped and have been generally flat, with GM selling a combined 24,828 Bolt sedans and crossovers in 2022.
The 2023 Bolt EUV starts at $28,195, a $6,300 drop from its previous price.Balch said GM is committed to producing a record amount of Bolt vehicles this year.
Ford has raised the price on its electric vehicle, the Mustang Mach-E, and Rivian has hiked prices on its vehicles.
The US economy has seen record inflation this year, with sharp price hikes on many goods, including cars, making GM's decision all the more surprising.
GM declined to say if the Bolt would be profitable with the new price decrease.