The cheapest model will now hover around the $50,000 mark.
If you were looking forward to getting your hands on a sub-$40,000 Chevrolet Silverado EV, we have some bad news for you: it isn't going to happen.
The entry-level variant will retail for $10,000 more than Chevrolet had initially hoped; the GM-owned brand initially impressed consumers with promises of a $39,900 MSRP (excluding delivery), but the automaker no longer thinks this target is possible.
Chevrolet's literature has been altered to reflect the new pricing. As per the automaker's media website, “MSRPs [will start] from $50,000, $60,000, $70,000, $80,000.” Since the WT (Work Truck) derivative was previously touted as the entry-level model, that's the one that will cost $50k.
Chevrolet's director of marketing, Amy Masica, told Automotive News that “a lot has changed in the last year and a half with the economic pressures, with the industry pressures, [and] with all the supply chain [issues].” Masica added that “affordability is still really important to Chevy,” which suggests that we could see a cheaper model debut later down the line.
While it's pricier than originally anticipated, the base WT version boasts a range of 450 miles, which bests rivals from Ford and Rivian by a considerable margin. This model (known as the 4WT) will be priced at $79,800. A more affordable 3WT variant ($74,800) will arrive at a later date but won't have the impressive range figure mentioned above. Still, 350 miles should be enough for most buyers.
Both these models will be offered to fleet customers only. For now, private buyers can look forward to the RST First Edition, scheduled for release this fall.
Despite the large price tag of $106,895, this launch model sold out in just 12 minutes. The range-topping derivative will wade into battle with 664 horsepower and 780 lb-ft of torque. The aforementioned Work Truck packs a still-impressive 510 hp and 615 lb-ft.
Following the release of the RST, Chevrolet will introduce additional Silverado EV trim levels with more palatable pricing.
While it's disappointing, we can't say we're surprised by Chevrolet's decision. Cross-town rival Ford has increased the MSRP of the Lightning multiple times since it was first launched. The base Pro model, for example, now costs $59,974 – a far cry from its original price tag of $39,974. Like Chevrolet, Ford has cited supply chain issues and rising material costs as the reason.
Let's not forget the Tesla Cybertruck also won't come in below the $40,000 mark. Elon Musk admitted the pricing will be different, adding that “there's no way to sort of anticipate the inflation that we've seen and the various issues.”
Keyword: 2024 Chevrolet Silverado EV's $40k Price Promise Has Been Broken