With the current Chevy Bolt EVs being phased out at the end of the year, dealers are marking up the models by as much as $5,000. The dealer markups have been happening all year, but with production ending soon, how will GM handle the transition?
A quick search online shows that the markups are happening at many Chevy dealerships. In fact, dealers have been marking up Chevy Bolt EVs for at least a year now, according to posts on social media.
The markups are making one of America’s most affordable EVs that much more expensive. At Koons Tysons Chevy Buick GMC in Virginia, all Chevy Bolt EVs, including the EUV, are marked up by $5,000.
Online research firm CarsDirect contacted the Virginia-based dealership to see what the markups were all about.
A salesperson told them the dealership has one of the “largest inventories in the region,” and the markups were due to market demand.
The dealership has a 2023 Chevy Bolt EUV LT listed for $36,880. That’s $5,000 over its MSRP of $31,880.
Chevy’s website lists the Bolt EV (1 LT) with a starting price of $27,495, while the Bolt EUV (LT) has an MSRP of $29,290.
Although both models qualify for the $7,500 EV tax credit, dealer markups are nearly wiping out the incentive.
Meanwhile, many automakers have moved in the opposite direction on pricing to spark demand. Ford introduced new incentives for up to $13,000 off the Mustang Mach-E after introducing a significant discount on the F-150 Lightning earlier this month.
Hyundai followed Tesla’s lead in cutting lease prices on its IONIQ 5 and IONIQ 6, offering some of the best rates on the EVs since launching.
Electrek’s Take
GM revealed Tuesday that it was delaying production of the Equinox, Silverado EV RST, and GMC Sierra EVs to protect pricing and boost profitability.
Meanwhile, the company already announced its plans to end production of the current-generation Chevy Bolt EV and EUV at the end of the year.
Although an Ultium-based Bolt EV is confirmed, GM has yet to share a launch date. On the company’s earnings call, GM’s CEO Mary Barra said that the next-gen Bolt would be the first model to feature LFP batteries in North America. Barra explained that engineering improvements and “a significantly cost-improved battery pack using purchased LFP cells” will enable lower prices.
But, again, there’s no word on when it will hit the market. With production of the current Bolt EV ending in a few months and the $30,000 Equinox EV delayed, what affordable EVs will GM offer?
The automaker continues promoting “EVs for everyone” but raises the 2024 Blazer EV starting price from an expected $45,000 to $56,715.
With the Equinox EV being pushed back, GM is leaving itself vulnerable. The automaker is essentially abandoning its largest EV market in affordable EVs until we hear more about when (and if) the $30,000 Equinox EV will roll out.
FTC: We use income earning auto affiliate links. More.
