GM’s Bolt Is Back, and Inexpensive. It’s a Challenge for Tesla.

A 2027 Chevrolet Bolt RS. (Courtesy GM)

Key Points

• General Motors unveiled a 2027 Chevy Bolt EV, priced under $30,000, with 255 miles of range and a NACS port, set for early 2026.
• GM’s third-quarter EV sales reached a record 67,000 units, a 110% year-over-year increase, accounting for over 9% of total car sales.
• Tesla introduced lower-priced Model 3 and Model Y versions starting at $37,000 and $40,000, respectively, after the $7,500 federal EV tax credit expired.

General Motors unveiled a 2027 Chevy Bolt electric vehicle that costs significantly less than the lower-priced cars Tesla unveiled earlier in the week.

The new Bolt, unveiled Thursday, will go on sale in early 2026 and start at under $30,000.

“The Chevrolet Bolt was the industry’s first affordable mass-market, long-range EV, and it commanded one of GM’s most loyal customer bases thanks to its price, versatility, and practicality,” said Scott Bell, vice president, Global Chevrolet, in a news release.

GM announced plans to discontinue the Bolt in early 2023. It reversed the decision later that year, opting to give the car a redesign instead.

Now, the car is almost ready. The new Bolt will start with about 255 miles of range per charge and a NACS port that will be compatible with Tesla chargers.

It enters the market at a time when affordability will be critical for EV manufacturers. The $7,500 federal EV purchase tax credit was eliminated at the end of September, as specified in the tax and spending bill President Donald Trump signed into law on July 4.

The expiration of the credit led to some big third-quarter numbers for EV makers. Tesla posted record quarterly results, selling almost 500,000 EVs globally. GM sold almost 67,000 EVs to American car buyers in the third quarter, a record for the company and up 110% year over year. EV sales also accounted for more than 9% of GM’s total car sales, up from less than 5% in the third quarter of 2025.

What comes next is anyone’s guess, but sales should be lower.

Car makers could respond by lowering prices to lessen the effect of the disappearance of the credit on consumers. The average transaction price for a new EV in the U.S. is about $57,000, about $9,000 higher than for a gasoline-powered car.

On Tuesday, Tesla introduced “Standard” versions of its Model 3 and Model Y vehicles, which start at approximately $37,000 and $40,000, respectively. The idea is to boost sales, but the new prices, for cars with fewer features, are only a few thousand dollars away from those for some of Tesla’s existing “Premium” versions. They might not be able to draw in new EV buyers the way a car selling for less than $30,000 car could.

GM has taken a different approach, offering more EV models at more price points. The new Bolt will start at under $30,000. The Chevy Equinox EV starts at about $35,000. The Cadillac Lyriq starts close to $60,00 and the GMC Hummer EV can cost more than $100,000. GM also offers EV pickup trucks, a commercial van, and other Cadillac options.

GM’s approach has resulted in gains, but Tesla still has almost half of the market for new EV sales. However, Tesla’s U.S. sales declined in 2024 and are set to decline again in 2025.

What happens in 2026 for Tesla and GM will depend on many things, including how the car-buying public receives the new models.

Introductions of new models don’t always move stocks significantly. GM shares lost 0.9%, closing at $55.93, while the S&P 500 and Dow Jones Industrial Average fell 0.3% and 0.5%, respectively.

Tesla stock dropped 0.7%.

Coming into Thursday trading, GM stock was up about 6% year to date, trailing behind the S&P 500 by about nine percentage points. Higher costs because of tariffs have weighed on investor sentiment, but the damage from the levies has been less than feared. GM stock is up about 33% from the low point it reached in April.

Write to Al Root at allen.root@dowjones.com