A $30,000 American EV is possible. GM just did it

When the new Chevy Bolt arrives early next year, it will start at $29,995, making it one of the most affordable new EVs in the U.S. It’s thousands of dollars cheaper than Tesla’s “affordable” new versions of its Model 3 and Model Y.

It’s also significantly less expensive than the average gas car, and like other EVs, it’s cheaper to operate. GM faces major headwinds with the loss of the $7,500 tax credit for electric cars, and it’s scaled back production plans and cut jobs in response. But the new Bolt is so affordable that it could win over consumers even without the incentive.

“We wanted to get that under-$30,000 number,” says Jeremy Short, chief engineer on GM’s Bolt team.

For Short and his team at GM, achieving that price required some creativity under constraint. Below, Short details how GM kept the price low.

A new battery

Instead of using standard lithium-ion chemistry, GM turned to a different type of battery that eliminates expensive materials like cobalt and nickel.

Called lithium iron phosphate (LFP) batteries, they’re cheaper, longer-lasting, and safer than other lithium-ion batteries, though they don’t store as much energy.

It’s the first time that GM has used this type of battery. “We had to develop this because we had an aggressive target to get to for price,” says Short. “And this is one of those things that balanced price and performance.” The company also engineered a new low-cost, low-weight battery pack.

The battery can also charge more quickly than the battery in the previous version of the Bolt. When the original Bolt was developed as the first affordable EV with long range, fast-charging infrastructure was limited. Many EV drivers also charge at home most of the time. But the engineers knew that faster charging is a priority for customers. The new Bolt can charge from 10% to 80% in 26 minutes, with a peak speed of around 2.5 times faster than the older model.

“We were really in tune with things in ’22 that customers thought there was some potential to improve,” Short says. “Top of that list was the charging rate.” The range is also slightly better than the previous version, at 255 miles versus 247 miles per charge. The new Bolt is also now compatible with Tesla’s Supercharger network.

Now, Short says, a vehicle that had a reputation as a commuter car is “a bonafide road trip car.” When the company held a launch event in Los Angeles earlier this month, the engineering team drove four of the cars from Detroit to California. “At two of our lunch stops, we fully charged to 100%,” he says. “We had to start limiting our charges because we couldn’t even eat lunch fast enough.”

The company is temporarily importing the batteries from China, subject to steep tariffs. But it’s also ramping up production at one of its U.S. factories, which will begin in 2027. (The company has said that it plans to absorb some of the costs of tariffs across all of its vehicles, with an estimated $3.5 billion and $4 billion hit on its bottom line in 2026.)

Economies of scale

The new Bolt also adds other new features, including around 20 safety and driver assist features that the last model didn’t have. Features like adaptive cruise used to be optional, Short says, but now are standard. That meant adding hardware like sensors. Extra features made staying on budget more of a challenge, but it was possible, he says, because of the new battery and economies of scale on other parts.

To make those economy of scale happen, GM borrowed components from its other EVs to help keep the new Bolt’s price down. “When the original Bolt came out, it was a bespoke architecture,” says Short. “It had a unique battery, a unique motor, unique everything.” Now, after GM’s heavy investment in electric vehicles, it had more resources to work with.

The Bolt uses the same front drive motor as the Equinox EV, the same integrated power electronics, the same drive mounts, and other parts, including a heat pump that helps make the car run efficiently when the heat is on. The center screen in the vehicle, with the ability to screen YouTube and HBO Max—something that drivers can use when they’re sitting at a public charger—is borrowed from the brand’s mid-size trucks.

Adapting the parts meant redesigning them, in many cases, for the much smaller Bolt, but it helped make a significant difference on cost. “By teaming up with other programs, we were able to get some economies of scale for what are truly better parts than we had before,” Short says. “Between ourselves and the Equinox EV, we’re going to be the volume players for Chevy in EVs.”

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