The Chevy Bolt’s Huge New Discount Just Exposed a Major EV Tax Credit Problem
The Chevy Bolt is perhaps the most controversial modern electric vehicle in existence. It has occupied headlines for all the wrong reasons in the last few months. Now, the hatchback seems to have a peculiar advantage over other EVs. There’s just one problem. The Chevrolet Bolt isn’t currently available for sale.
The Chevy Bolt: A fall from grace
Ah, the Chevy Bolt, few vehicles give automotive journalists the same fiery passion as this controversial little fireball. Why is the Chevrolet Bolt such a hot topic? When the electric vehicle first debuted in 2017, it was the talk of the town.
The Bolt was praised by consumers and critics alike for its affordability and capability. General Motors had a ringer on its hands, which is especially hard to secure in the EV space. The electric vehicle paved the way for the introduction of its larger sibling, the Bolt EUV, in 2021.
General Motors was considered a major player in EV production because of the early success of the Bolt, but the nameplate was destined to go up in flames. The real question is, can the Bolt rise from the ashes and ascend to greatness once again.
The Chevrolet Bolt’s reputation took a huge hit in 2021 after reports of battery overheating flooded the internet. While many vehicles have the potential to overheat and catch on fire, this phenomenon became far too regular for the little hatchback. The Bolt became a huge risk, and General Motors had to acknowledge that risk with a mass recall. All Chevrolet Bolt EV and EUV models have been recalled because of this battery issue.
The 2022 Chevy Bolt just got a huge discount…but it’s not for sale
Despite the Chevy Bolt’s fall from grace, it is one of the few vehicles eligible for a huge new federal electric vehicle tax incentive. The Biden administration supports electric vehicles that are made in America by unionized workers. The Chevy Bolt and Bolt EUV happen to be two of the few models on the market that fit that criteria.
The great irony of the administration’s support for vehicles like the Bolt is the hatchback’s mass recall. General Motors should be able to move on from this disaster, but Bolt fires aren’t something that consumers are likely to forget anytime soon.
The Chevy Bolt is eligible for a $12,500 tax credit as a result of the Biden administration’s new Build Back Better Bill. The bill also includes millions of dollars in funding for electric vehicle charging infrastructure. While the bill is a step in the right direction, how effective is the incentive if it doesn’t apply to the most popular EVs on the market?
The 2022 Chevy Bolt starts at around $31,000. The incentive brings its price closer to just $18,500. The Bolt’s new price may seem appealing, but according to InsideEVs, it isn’t on sale or even in production because of the recent recall.
Can the 2022 Chevy Bolt recover from the EV’s mass recall?
An electric hatchback that starts at $18,500 is a great deal, even for an EV of the Bolt’s size. The 2022 Chevrolet Bolt is expected to get a whopping 259 miles of range, making it an even sweeter deal. Before the battery fires, the Bolt was championed as the hatchback of the future.
There’s no telling whether the Bolt nameplate can truly recover after a mass recall, but General Motors isn’t quitting on the spunky little hatchback. Whenever the EV finally is available, it will be a great deal, assuming it doesn’t spontaneously combust. Instead of applying to vehicles that aren’t in production or on sale, maybe the electric vehicle federal tax credit should focus on incentivizing vehicles that both sell and perform well, like the Ford Mustang Mach-E.