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Why the 2023 Chevrolet Bolt is the cheapest EV in America

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Yahoo Finance's senior automotive reporter Pras Subramanian joins the Live show to check out the 2023 Chevy Bolt's price point in comparison to EV competitors.

Video Transcript

- Also in the EV space, General Motors revealing the ultra low price for its 2023 Chevrolet Bolt EV. And Pras, you [INAUDIBLE] 18% price reduction. This makes the Bolt the cheapest EV in America. And I got to ask you, when do we reach price-- I guess, comparison, a very similar price with the internal combustion models.

PRAS SUBRAMANIAN: Well, I think with the Chevy Bolt, we're almost there. Because when you think about it, new cars cost around $45,000 now. That's a lot of money. The Chevy Bolt 2023 model, after a nearly $6,000 price cut, will be around $26,600. That's now cheaper than the Nissan Leaf, which is currently the cheapest EV you can buy in America.

Now the caveat here is that Nissan qualifies for the full tax credit of $7,500. GM doesn't, because they got phased out after selling around 200,000 vehicles. So technically, it is. Right now, the Nissan Leaf is the cheapest. But it'll soon be phased out as well with federal tax credits, so then we'll be back to GM Chevy Bolt being the most-- the cheapest EV in America. And actually it has more range-- way more range than the Nissan Leaf. 240 versus 150.

- [INAUDIBLE]

- Have you driven it?

PRAS SUBRAMANIAN: Rick Newman and I have both driven the Chevy Bolt. He seemed to like it. I thought it was a little cheap on the inside. But you know, Rick is a man of the people, so that's why he likes that kind of car. But hey, it's a fine car. But I just want to say--

- [INAUDIBLE] something a little fancier.

PRAS SUBRAMANIAN: [INAUDIBLE]. I've got to say that in this country, there's so few cheap EVs that this is a big problem. And at least Chevy is doing something about that, along with Nissan.