The Federal EV Tax Credit Is Dead, But This New EV Will Cost Under $30,000

Tesla might have just made waves by debuting cheaper versions of its two most popular models, but another EV competitor is coming for the title of "cheapest American-made EV," and that competitor is General Motors. More specifically, the upcoming 2027 Chevrolet Bolt will take the prize as the first American-made EV to start below $30,000 — almost $10,000 under the cheapest Tesla. While questions remain around just how reliable EVs are as everyday vehicles, there's no doubt that one of the biggest pain points of adoption is how much many of these "environmentally friendly" vehicles cost. 

One way to offset that cost used to be the federal EV tax credits, which Americans could take advantage of to effectively cut the price of a EV by up to $7,500. However, the Trump administration killed off the tax credit after taking office earlier this year — just one of several sweeping changes that Trump and his team have made since taking over the government again.

The Bolt has always been marketed as an affordable EV, even when we last reviewed one back in 2022. Despite its affordability, GM temporarily ended production of the Bolt in 2023. That didn't last long, though, as the company later announced the Bolt would make a comeback. Now we know what that comeback looks like, as the 2027 Chevy Bolt will be the cheapest American-made EV on the market.

According to Car and Driver, the 2027 Bolt will start at $29,990 when it launches in 2026. The low price will come with some concessions as GM has noted it won't support CarPlay or Android Auto. That said, Google's infotainment system will be built in, so drivers can still access Google Maps, HBO Max, and other apps. If you aren't as concerned about staying under $30,000, there will be a sportier RS trim available for $32,995. A base 1LT model is expected a few months later as well, which will start at $28,995.

The important thing to note here is that these prices also include destination charges. Other EVs, like the Nissan Leaf, have previously debuted for under that $30,000 mark, but those prices haven't included destination charges. Destination charges are usually non-negotiable charges passed on to the customer to help cover the cost of moving the vehicles from the factory to the lot where they're purchased. In this case, though, GM is trying to undercut the competition as much as possible by including destination charges in its sub-$30,000 price tag.