The Chevy Bolt is about to be a screaming deal – at least until March
The Chevy Bolt is already a great enough deal to get our Electrek Vehicle of the Year award, but after the US Treasury delayed its guidance on battery sourcing requirements, that deal might be even better – but only for the next couple of months.
At $25,600 MSRP for a base model Chevy Bolt, it’s already well below the average transaction price for a new car in the US. Better yet, due to the Inflation Reduction Act, the car will once again qualify for federal EV tax credits starting January 1. GM had previously hit the tax credit threshold back in 2019, so its cars haven’t qualified for tax credits for a few years.
To qualify for the new credit, cars need to be assembled in North America (see a list here). But that’s not all – cars also need to have their battery components manufactured or assembled in the US, and have their critical battery minerals sourced from the US or from countries with which the US has a free trade agreement. If the battery only fits one of those two battery requirements, it only qualifies for half of the credit.
Previously, GM has stated that once these requirements phase in, the Bolt would likely qualify for $3,750 in credits from the government.
And those requirements were set to phase in by the end of the year, when the Treasury department issues full guidance on how those rules will work.
But yesterday, the Treasury announced that they’ll need a little more time to prepare specific rules around these battery sourcing requirements, and that they’ll be ready “sometime in March.” This may give some cars a “brief window of eligibility” for the full credit that they wouldn’t get otherwise.
However, other provisions of the Inflation Reduction Act still go into effect on January 1. Namely, the lifting of the per-manufacturer cap on credits. This is what formerly had disqualified Tesla and GM from getting credits since those two companies had hit the cap, but starting January their credits will be refreshed.
What this means is that between January 1 and “sometime in March,” the Chevy Bolt may qualify for an additional $3,750 in credits that it won’t qualify for after March. Giving it access to the full $7,500 in tax credits.
While this is true for some other vehicles as well (Tesla Model Y and low-optioned Model 3s), the Bolt occupies the unique space of being the lowest-priced EV out there, and going from zero credit availability to full $7,500 credit availability on January 1, and being well below new price caps (starting January 1, cars over $55K and SUVs/trucks over $80K MSRP don’t qualify), and potentially losing half of that credit after March (though that depends on the details of the Treasury’s guidance).
This means that a base model Bolt, assuming it can be purchased at MSRP, and assuming the buyer can take full advantage of the tax credit, could be had for the price of $18,100 – or even less, if you take into account state and local incentives. Potentially, this could be the cheapest new car in America for the right buyer.
Bonus: There are also almost $4000 worth of stackable deals that may or not be phasing out on January 3rd including:
Even if you just parked this thing in your garage with an EVextend V2L adapter and a cheap inverter, the 65kWh battery pack can provide more backup power than 4 Tesla Powerwalls (4×14.4kWh, $33,000).
There are a lot of assumptions there, especially at a time where it’s hard to find any car for MSRP, but even at full price a Bolt is still a good deal. We genuinely love the car, and not just because it’s cheap, but because it’s a well-made EV with a 5-star-safety-rating, premium features like Wireless CarPlay/Android Auto – though of course we would like it more if it had faster DC charge speed.
Nevertheless, it looks like the Bolt is about to be even more of a screaming deal, but potentially only for a few months until the Treasury gets its guidance out. So if you’ve been thinking about getting an EV, reach out to your local dealers and see if you can find a Bolt at near MSRP. You just might end up with the best deal on the road. And regardless, always consult a tax professional first, to make sure that you’ll qualify for these credits.
If you’d like, you can use our links to contact your local dealers about the 2023 Chevy Bolt EV or 2023 Chevy Bolt EUV, and see if they have any in stock for delivery before “sometime in March.”
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Environment
Tesla hires celebrity ambassador despite Elon Musk saying they don’t pay for endorsements
Tesla has hired a celebrity ambassador, a departure from Elon Musk’s policy of not paying for celebrity endorsements.
Musk has often bragged about the fact that Tesla doesn’t pay for celebrity endorsements in contrast to other automakers who hire celebrity brand ambassadors to promote their cars.
Much like advertising, Musk seems to be abandoning this strategy.
Tesla announced that it hired Olympic shooter Kim Ye-ji, whose performance at the Paris Olympics this summer went viral, to be the automaker’s brand ambassador in Korea.
Kim said about her new partnership with Tesla:
I’m very excited to work with Tesla, who have recognized me. I hope to convey a positive message together with Tesla.”
Here are a few pictures released to announce her new partnership with Tesla:
Kim’s agency said that her relationship with Tesla started from CEO Elon Musk tweeting about her viral performance at the Olympics:
“The relationship between Kim Ye-ji and Tesla developed after Elon Musk mentioned her. The company said that Kim is Tesla Korea’s first brand ambassador.”
She is not only Tesla Korea’s first ambassador, but she is the first known paid celebrity ambassador for Tesla globally.
The policy change is not entirely surprising since the policy of Musk not paying celebrities to endorse Tesla’s products was often attached to the automaker’s strategy not to advertise.
Musk went as far as to say that he “hates advertising,” and Tesla started advertising last year.
The change in strategy coincidently, or not, came after Musk bought Twitter, a company relying on advertising, and Tesla even started to advertise on Twitter, now called X.
Tesla sales in Korea haven’t been amazing, but the country’s auto market greatly favors domestic brands. The American automaker does fairly well for a foreign brand with the Model Y becoming the best-selling imported vehicle in Korea during the first half of 2024.
Although, it amounted to just over 10,000 units.
Electrek’s Take
It’s a change of strategy, and Elon certainly can’t claim that Tesla doesn’t pay for celebrities to endorse its products, but it is probably a smart move due to the fact that Koreans prefer domestic brands.
Kim could help create a deeper level of attachment to the Tesla brand, but I don’t really know. I’m just speculating.
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Kia just broke its October sales record as its impressive US sales run continues. After another record-breaking month, Kia said the growth is fueled by “strong demand” for its electric vehicles.
Kia sets new October sales record in the US
Kia sold 69,908 vehicles in the US last month, up 16% from its previous October sales record in 2023.
According to Kia, higher demand for its electric models is charging up sales in the US. Kia’s electrified sales (EVs, PHEVs, and HEVs) reached its highest ever in October.
All-electric vehicles (EVs) led the way, with sales surging 70% year-over-year (YOY). Plug-in hybrid (PHEV) and hybrid (HEV) sales were up 65% and 49%, respectively, from October 2023.
Kia’s first dedicated electric model, the EV6, set a new October sales record with 1,941 units sold. Through the first ten months of 2024, Kia has now sold over 17,700 EV6 models in the US. Meanwhile, its first three-row electric SUV, the EV9, continues to defy expectations.
With another 1,941 models sold last month, Kia EV9 sales reached 17,911 through October. That’s even more than the EV6 despite costing +$12,000 more.
Kia’s first US-made EV9 rolled out of its West Point, GA plant this summer. Although the EV9 is expected to qualify for the full $7,500 federal tax credit next year, Kia is matching it for now through incentives.
Next year, we will also finally see the EV9 GT, which Kia promises will have “enormous power.” Ahead of its official debut, we got our first look at the sporty electric SUV with an active spoiler last month.
| 2025 Kia EV9 Trim | Starting Price* |
| Light Standard Range | $54,900 |
| Light Long Range | $59,900 |
| Wind | $63,900 |
| Land | $69,900 |
| GT-Line | $73,900 |
Earlier this month, we learned that the 2025 EV9 will start at $54,900 (not including the destination fee), which is only $700 more than the 2024 model.
With prices dropping to potentially under $50,000, Kia’s three-row electric SUV is a steal. If you’re ready to experience the EV9 for yourself, we can help you get started. You can use our links below to view deals on Kia’s electric vehicles in your area.
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The outcome of the U.S. presidential election on Nov. 5 won’t affect oil production levels in the short- to medium term, Exxon CEO Darren Woods told CNBC on Friday.
Former President Donald Trump has called for unconstrained oil and gas production to lower energy prices and fight inflation, boiling his energy policy down to three words on the campaign trail: “Drill, baby, drill.”
“I’m not sure how drill, baby, drill translates into policy,” Woods told CNBC’s “Squawk Box” Friday after the largest U.S. oil and gas company reported third-quarter results.
Woods said U.S. shale production does not face constraints from “external restrictions.” The U.S. has produced record amounts of oil and gas during the Biden administration.
Over the past six years, the U.S. has produced more crude oil than any other nation in history, including Saudi Arabia and Russia, according to the Energy Information Administration.
Output in the U.S. is driven by the oil and gas industry deploying technology and investment to generate shareholder returns based on the break-even cost of production, the CEO said.
“Certainly we wouldn’t see a change based on a political change but more on an economic environment,” Woods said. “I don’t think there’s anybody out there that’s developing a business strategy to respond to a political agenda,” he said.
While shale production has not faced constraints on developing new acreage, there are resources in areas like the Gulf of Mexico that have not opened up due to federal permitting, the CEO said.
“That could, for the longer term, open up potential sources of supply,” Wood said. In the short- to medium term, however, unconventional shale resources are available and it’s just a matter of developing them based on market dynamics, he said.
Exxon Mobil shares in 2024.
The vast majority of shale resources in the U.S. are on private land and regulated at the state level, according to an August note from Morgan Stanley. About 25% of oil and 10% of natural gas is produced on federal land and waters subject to permitting, according to Morgan Stanley.
Vice President Kamala Harris opposed fracking during her bid for the 2020 Democratic presidential nomination. She has since reversed that position in an effort to shore up support in the crucial swing state of Pennsylvania, where the natural gas industry is important for the state’s economy.
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