General Motors won’t be following Tesla and Ford in lowering the prices of its electric vehicles. The Detroit-based automaker doesn’t feel the need to. Company CEO Mary Barra said during the automaker’s earnings call this week that the company was confident in its prices. With more automakers launching new electric vehicles, competition is heating up as companies fight for customers in the small yet growing battery-electric-vehicle segment.
In mid-January, Tesla slashed prices for every model in its lineup, and the automaker didn’t just shave off a few pennies. The Model Y Long Range had a 20 percent cut from its price tag, dropping from $65,990 to $52,990. The Model 3 had up to 14 percent cut from its price, while the Model S and Model X also saw their prices fall by up to $10,000 and $21,000 depending on the trim. Tesla cut prices to induce demand, and it seems to have worked.
Gallery: 2024 Chevrolet Blazer EV
Shortly after Tesla announced its across-the-board price cuts, Ford lowered the price of its Mustang Mach-E. Ford’s cuts weren’t as extreme, with the automaker shaving off up to $900 on two entry-level trims and up to $5,900 on the rest. FoMoCo also reduced the price of the extended battery upgrade from $8,600 to $7,000, making the extra range it offers a bit more affordable.
However, any new EV price war won’t involve GM – at least for now. The company feels that its “well positioned” with its pricing, according to Business Insider’s report of the call. However, the automaker noted that it would, of course, keep a watchful eye on its competitors and the market.
General Motors offers a wide lineup of electric vehicles that match a variety of budgets. The Bolt and Bolt EUV start at under $30,000. At the other end of the spectrum is the six-figure GMC Hummer EV. Chevrolet also has the $40,000 Silverado EV and $30,000 Equinox EV joining the lineup later this year. The Blazer EV will arrive in 2024 at around $45,000. Cadillac is also launching EVs, and there are many more to come from the company. But so does every other automaker, and pricing is one way to stand out.
