General Motors has revealed an updated model of the Chevrolet Bolt electric car that will go on sale in early 2026 and will cost less than $30,000. The presentation came two days after Tesla announced the budget Model 3 Standard for $36,990 and Model Y Standard for $39,990.

The new Bolt will have a range of about 255 miles (about 410 kilometers) on a single charge and will get a NACS standard charging connector compatible with Tesla charging stations.

The launch of new cars does not always affect the stock exchange value, notes Barron's. On October 9, GM shares lost 0.9% amid the decline of the entire market: the S&P 500 and Dow Jones indices fell by 0.3% and 0.5%, respectively. Tesla securities fell by 0.7%.

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In early 2023, GM announced its intention to take the Bolt out of production, but later decided to completely redesign the electric car. The group's lineup also includes the electric Chevy Equinox, with prices starting at $35,000, the Cadillac Lyriq priced closer to $60,000 and the GMC Hummer EV priced above $100,000. GM also offers electric pickup trucks, a commercial van and other Cadillac models.

The Bolt enters the market at a time when affordability is becoming a key factor for all manufacturers due to the elimination of the tax credit for electric vehicle purchases in the U.S. starting in October, Barron's notes. The repeal of the subsidy led to a surge in sales in the third quarter. Tesla reported record results, selling nearly 500,000 electric cars worldwide. GM, for its part, sold nearly 67,000 electric cars to U.S. customers - a record quarter for the company, up 110% from the same period last year. Electric vehicles accounted for more than 9% of GM's total sales, up from less than 5% a year earlier.

Right now, the average cost of buying a new electric car in the U.S. is about $57,000 - about $9,000 more than gasoline cars, Barron's writes.

Tesla on Oct. 7 unveiled cheaper versions of the Model 3 and Model Y called Standard. They average $5,000 cheaper than their full versions. Their prices are unlikely to attract new electric car buyers, unlike a car cheaper than $30,000, Barron's said.

This article was AI-translated and verified by a human editor

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