Electric vehicle manufacturers have been lowering prices on their cars since early this year in an effort to fight inflation and higher interest rates and generate more sales.
But General Motors in December sort of reversed course as it stopped production the Chevy Bolt, one of the most affordable EVs on the market. The car had with a manufacturer suggested retail price of $26,500. The exit of the Bolt made competition a little easier for the 2024 Nissan (NSANY) -) Leaf, which has a starting price of $28,140.
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Ford (F) -) made some major moves in pricing as it cut the price of its all-electric Mustang Mach-E by up to $4,000 in May and its F-150 Lightning by about $10,000 in July.
Meanwhile, Big Three automaker Stellantis in August said it would roll out a new entry-level Fiat-branded EV in Europe in July 2024 priced at about $27,390, as well as its new Citroën e-C3 electric car in early 2024, which is estimated to be priced at below $27,900. It hasn't said if or when it will sell the vehicles in the U.S.
After Tesla's third quarter deliveries fell below market estimates, Elon Musk's company in early October lowered the list price of the Model 3 from $40,240 to $38,990 and its industry leading seller Model Y dropped from $47,740 to $43,990.
Tesla offers vehicle discounts
Tesla is seeking new ways to lower its prices after learning that its Model 3 and Model Y vehicles would be losing their U.S. federal tax credits in 2024. The Austin, Texas, EV maker on Dec. 13 said the U.S. Treasury Department and Internal Revenue Service would remove the $7,500 tax break from its Model 3 Rear-Wheel Drive and Model 3 Long-Range beginning Jan. 1. The government entities warn that vehicles with battery components sourced from a foreign entity of concern, such as China, are not eligible for the tax credits.
The company also is expecting to lose all or some of its $7,500 tax credit from the auto industry's leading seller, the Model Y, as well beginning Jan. 1. So, Tesla came up with a program with ride-sharing company Uber to offer the company's drivers $1,000, $2000, or $3,000 discounts on purchases of Model 3 or Model Y vehicles. Those vehicles must be purchased by Dec. 31 and several conditions are required.
Image source: Brooks Kraft LLC/Corbis via Getty Images
Get a Chevy Blazer EV discount at Costco
General Motors' (GM) -) Chevrolet brand also has a discount plan for buyers. It is encouraging Costco (COST) -) members to take advantage of a limited-time special $1,000 discount on a purchase or lease on a Chevy Blazer EV, which was added to GM's Costco Auto Program on Dec. 15, according to the Costcoauto.com website. GM already offered the internal combustion engine Chevrolet Silverado 1500 and the Equinox in the program since Nov. 1 and the Silverado HD since Nov. 22.
Other electric vehicles offered in the $1,000 incentive program include Volvo C49 Recharge crossover and Volvo XC40 Recharge SUV, as well as the Polestar 2 EV. Other ICE vehicles included in the program include Buick Enclave; GMC Sierra 1500 and the Terrain SUV; and seven Volvo ICE vehicles. All these vehicles have been available since Nov. 1, while GMC Sierra HD was available starting Nov. 22.
To be eligible for the $1,000 discount on any of the vehicles, Costco members must register to receive a certificate with a unique promotion code, then present the digital or printed copy of the certificate to the proper dealership and take delivery by Jan. 2, 2024, to receive their discount. Eligible buyers must have been a member of Costco by Oct. 31, 2023, to qualify.
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