Why Chevrolet is offering partial refunds to Bolt owners

It is an unusual turn of events in this year of record new car prices. Chevrolet is offering a refund to select customers who have already purchased their car.

The Car manufacturer announced in June that it was reducing its electricity prices EV bolt and EUV bolt models from $5,900 to $6,300 for 2023 and will make up the difference for people who bought the cars in 2022.

Bolt supplies have been hampered by a temporary suspension of production caused by a battery recall and only 7,303 have been delivered to customers since the start of the year.

“A small number of Bolt EV and EUV customers purchased their vehicles in calendar year 2022 when incentives were low due to limited inventory. Following the announced price reduction on the Chevrolet Bolt EV /EUV 2023, we want to make sure that these clients are satisfied with their buying and ownership experience,” Chevrolet told Automotive News.

“We will be reaching out to them in the coming weeks to let them know about a goodwill program that will provide refunds to make up the price difference.”

Pricing now starts at $26,595 and $28,195, making Bolt models the lowest-priced EVs on sale today.

General Motors has exhausted its eligibility for the $7,500 federal electric vehicle tax credit; however, it is therefore possible to buy several electric vehicles, including the Nissan Leaf, for less overall after deducting the credit.

Even though it is lowering the price of the Bolts, GM is raising the prices of the electric GMC Hummer EV and Cadillac Lyriq due to supply chain costs.

Prices for the Hummer increased by $6,250 across the line in June, while the Lyriq will launch later this year at $62,990, $3,000 more than originally expected.

The Bolt rebate applies to all 2020, 2021 and 2022 models purchased this calendar year and the total cost of the program will be over $40 million if all owners take advantage of it.

Read updates and more coverage at FoxBusiness.com.

A promotional image of the 2023 Chevrolet Bolt EV. EV stands for “electric vehicle”. (Courtesy of Chevrolet)

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