Categories Other Industries, U.S. Markets News

Advantage Tesla: GM won’t slash Chevy Bolt’s price to balance tax credit cut

Last year, General Motors (NYSE: GM) became the second company after Tesla (NASDAQ: TSLA) to touch the threshold of electric vehicle sales in the US, which triggers a gradual phase-out of the federal tax credit.

Starting Monday, the federal tax credit on the Chevrolet Bolt EV will be slashed from $7,500 to $3,750 as it has hit a sales figure of 200,000. And unlike rival Tesla, General Motors on Thursday confirmed that it would not slash the sticker price on Bolt EV to balance off the price increase caused by the credit cut.

Image courtesy: Chevrolet Bolt EV

In January this year, Tesla had reduced the prices of Model S, Model X and Model 3 vehicles in the US by $2,000 to take the cost burden off its customers.

GM spokesperson Jim Cain told Reuters, “It is easier to react to the market by working with dealers and your marketing team than it is to change sticker prices.”

The report is hardly surprising given that the Detroit-based automaker is slowly replacing Chevy with Cadillac as its flagship brand for electric vehicles. This comes on the heels of the lackluster performance of Chevy Bolt, sales of which fell by over 20% year-over-year in 2018.

READ: LYFT STARTS TRADING TODAY, STOCK LIKELY TO GAIN ON OPEN

In November, General Motors said it would plug the production of Chevy’s hybrid model Volt by March 2019, as part of its strategy to cut down manufacturing of low-selling brands.

The change in strategy makes sense, as the automaker is currently trailing behind its rivals in the electric vehicle segment. GM is yet to have a compelling competitor to Tesla Model S, or for that matter, any other high-end EV manufactured by global peers including BMW, Jaguar, Mercedes or Audi.

However, GM is aggressively pursuing its EV ambitions and hopes to bring out at least 20 different modes in the next four years.

 

Listen to on-demand earnings calls and hear how management responds to analysts’ questions

Most Popular

Earnings Infographic: IBM Q2 2024 earnings and revenue beat estimates

International Business Machines Corporation (NYSE: IBM) reported stronger-than-expected earnings and revenues for the second quarter of 2024. Second-quarter revenues came in at $15.77 billion, compared to $15.48 billion in the

Earnings Preview: AMD likely to report higher revenues and earnings for Q2

In recent years, semiconductor company Advanced Micro Devices, Inc. (NASDAQ: AMD) constantly strengthened its portfolio through new products and acquisitions. Currently, it is focused on integrating artificial intelligence technology into

Lamb Weston (LW) expects its challenges to persist into fiscal year 2025

Shares of Lamb Weston Holdings, Inc. (NYSE: LW) plummeted on Wednesday after the company delivered disappointing results for the fourth quarter of 2024 and issued a bleak outlook for fiscal

Comments

  1. Pingback: Lincoln Georgis
  2. Pingback: Chirurgie Tunisie
  3. Pingback: Grading Policy
  4. Pingback: training course
  5. Pingback: charity
  6. Pingback: ceremony
  7. Pingback: fue
  8. Pingback: fue location
  9. Pingback: العقاقير
  10. Pingback: Bachelor's Degree
  11. Pingback: led lineari
  12. Pingback: Fiverr Earn
  13. Pingback: Fiverr Earn
  14. Pingback: fiverrearn.com
  15. Pingback: fiverrearn.com
  16. Pingback: hair loss
  17. Pingback: flatbed broker
  18. Pingback: weather tomorrow
  19. Pingback: fiverrearn.com
  20. Pingback: frenchie red eyes
  21. Pingback: SEO in Jordan
  22. Pingback: crypto news
  23. Pingback: future university
  24. Pingback: future university
  25. Pingback: seo company tampa
  26. Pingback: Fiverr
  27. Pingback: Fiverr.Com
  28. Pingback: Fiverr.Com
  29. Pingback: future university
  30. Pingback: FUE
  31. Pingback: Storage solutions
  32. Pingback: Moving assistance
  33. Pingback: Classic Books 500
  34. Pingback: FiverrEarn
  35. Pingback: Fiverr
  36. Pingback: FiverrEarn
  37. Pingback: Speaker
  38. Pingback: FiverrEarn
  39. Pingback: partners
  40. Pingback: amiclear
  41. Pingback: french bulldog
  42. Pingback: FiverrEarn
  43. Pingback: FiverrEarn
  44. Pingback: FiverrEarn
  45. Pingback: live sex cams
  46. Pingback: FiverrEarn
  47. Pingback: FiverrEarn
  48. Pingback: FiverrEarn
  49. Pingback: FiverrEarn
  50. Pingback: FiverrEarn
  51. Pingback: FiverrEarn
  52. Pingback: FiverrEarn
  53. Pingback: FiverrEarn
  54. Pingback: FiverrEarn
  55. Pingback: FiverrEarn
  56. Pingback: FiverrEarn
  57. Pingback: FiverrEarn
  58. Pingback: gifts
  59. Pingback: FiverrEarn
  60. Pingback: fullersears.com
  61. Pingback: live sex cams
  62. Pingback: live sex cams
  63. Pingback: 늑대닷컴
  64. Pingback: Slot jackpot
  65. Pingback: nangs sydney
  66. Pingback: allgame
  67. Pingback: 918kiss
  68. Pingback: หวย24
  69. Pingback: Beauty products
  70. Pingback: pg slot
  71. Pingback: cybersécurité
  72. Pingback: resort lake placid
  73. Pingback: catskills hotel
  74. Pingback: megagame
  75. Pingback: electronic visa
  76. Pingback: itsMasum.Com
  77. Pingback: itsMasum.Com
  78. Pingback: itsmasum.com
  79. Pingback: chatting websites
  80. Pingback: random chat
  81. Pingback: joker gaming
  82. Pingback: uk jobs
  83. Pingback: rome jobs
  84. Pingback: live nude chat
  85. Pingback: live sex shows
  86. Pingback: free cam sex
  87. Pingback: Kampus Ternama
  88. Pingback: 918kiss
Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top