The Inflation Reduction Act of 2022 (IRA) changed everything in 2023.
The Inflation Reduction Act of 2022 (IRA), which significantly modified the $7,500 federal tax credit for plug-in electric cars in the United States, turned upside down the competition between some models.
One of the best examples of that is what happened with the effective price of the Hyundai Kona Electric and Chevrolet Bolt EV/Bolt EUV duo.
The Hyundai Kona Electric, from the beginning, was eligible for full $7,500 federal tax credit. Because of that, a year ago it was effectively available for less than $27,000 ($34,000 plus $1,185 model year minus the $7,500 federal tax credit).
However, once IRA was introduced, imported cars (from South Korea in this particular example), lost their eligibility for the incentive. In a blink of an eye, the 2023 model year version became much more expensive (currently $34,885). That’s a 26 percent increase.
2023 Hyundai Kona Electric
Chevrolet Bolt EV/Bolt EUV
At the same time, the Chevrolet Bolt EV/Bolt EUV models were not eligible for the federal tax credit for quite some time (since the second quarter of 2020). That’s because General Motors sold more than 200,000 plug-in cars in late 2018, which triggered the phase-out of the incentive.
In effect, the locally produced Chevrolet Bolt EV (and Bolt EUV, introduced later), was at a disadvantage compared to a very similar Hyundai Kona Electric.
The IRA brought a big change to this picture because the Chevrolet Bolt EV/Bolt EUV duo is now fully eligible for the incentive. With an MSRP of respectively $26,500 and $27,800, the effective price dropped to just $19,995 and $21,295 (not even including state incentives).
That’s a massive change and GM is preparing to substantially increase production and sell more than 70,000 units this year (globally, but mostly in the US).
What we can see below is a devastating effective price difference (a level of almost $15,000 or 75 percent in the case of the Konta EV to Bolt EV):
Prices
| Model | Base Price | Dest. Charge | Tax Credit | Effective Price |
| 2023 Chevrolet Bolt EV 1LT 17-inch | $26,500 | +$995 | $7,500 | $19,995 |
| 2023 Chevrolet Bolt EUV LT 17-inch | $27,800 | +$995 | $7,500 | $21,295 |
| 2023 Hyundai Kona Electric 17-inch | $33,550 | +$1,335 | N/A | $34,885 |
Basic specs
| Model | Drive | Battery (kWh) |
EPA Range |
0-60mph (sec) |
| 2023 Chevrolet Bolt EV 1LT 17-inch | FWD | 65 | 259 mi (417 km) |
6.5 |
| 2023 Chevrolet Bolt EUV LT 17-inch | FWD | 65 | 247 mi (397 km) |
7.0 |
| 2023 Hyundai Kona Electric 17-inch | FWD | 64 | 258 mi (415 km) |
To better illustrate the similarities between the two cars and the price difference, we present side-by-side comparisons (entry-level trims, without getting into details of standard equipment).
Hyundai Kona Electric Vs Chevrolet Bolt EV
| EV Comparison Side-by-Side by InsideEVs | |||
| Model | 2023 Hyundai Kona Electric 17-inch [A] |
Difference [A] / [B] |
2023 Chevrolet Bolt EV 1LT 17-inch [B] |
| Drive | FWD | FWD | |
| Battery | 64 kWh | -1.5% | 65 kWh |
| EPA Range | |||
| Combined | 258 mi (415 km) |
-0.4% | 259 mi (417 km) |
| Specs | |||
| 0-60 mph | 6.5 s | ||
| Peak power | 150 kW | 0% | 150 kW |
| EPA Energy Consumption (including charging losses) | |||
| Combined | 120 MPGe: 281 Wh/mi (175 Wh/km) | 0% | 120 MPGe: 281 Wh/mi (175 Wh/km) |
| City | 134 MPGe: 251 Wh/mi (156 Wh/km) | 2.3% | 131 MPGe: 257 Wh/mi (160 Wh/km) |
| Highway | 106 MPGe: 318 Wh/mi (198 Wh/km) | -2.8% | 109 MPGe: 309 Wh/mi (192 Wh/km) |
| Charging | |||
| AC | On-board charger: 7.2 kW Info: 0-100% SOC in 9 h and 15 min |
On-board charger: 11.5 kW Info: About 39 miles of range per hour of charge with a 240-volt 48-amp charging unit |
|
| DC | Info: 10-80% SOC in 47 minutes (100 kW charger) or 64 minutes (50 kW charger) | Info: Up to 100 miles in 30 minutes | |
| Weight | |||
| Curb weight (est.) | 3715 lbs (1685 kg) | 3.5% | 3589 lbs (1628 kg) |
| Prices | |||
| MSRP | $33,550 | 26.6% | $26,500 |
| Dest. Charge | +$1,335 | +$995 | |
| Tax Credit | N/A | $7,500 | |
| Effective Price | $34,885 | 74.5% | $19,995 |
Hyundai Kona Electric Vs Chevrolet Bolt EUV
| EV Comparison Side-by-Side by InsideEVs | |||
| Model | 2023 Hyundai Kona Electric 17-inch [A] |
Difference [A] / [B] |
2023 Chevrolet Bolt EUV LT 17-inch [B] |
| Drive | FWD | FWD | |
| Battery | 64 kWh | -1.5% | 65 kWh |
| EPA Range | |||
| Combined | 258 mi (415 km) |
4.5% | 247 mi (397 km) |
| Specs | |||
| 0-60 mph | 7 s | ||
| Peak power | 150 kW | 0% | 150 kW |
| EPA Energy Consumption (including charging losses) | |||
| Combined | 120 MPGe: 281 Wh/mi (175 Wh/km) | 4.3% | 115 MPGe: 293 Wh/mi (182 Wh/km) |
| City | 134 MPGe: 251 Wh/mi (156 Wh/km) | 7.2% | 125 MPGe: 270 Wh/mi (168 Wh/km) |
| Highway | 106 MPGe: 318 Wh/mi (198 Wh/km) | 1.9% | 104 MPGe: 324 Wh/mi (201 Wh/km) |
| Charging | |||
| AC | On-board charger: 7.2 kW Info: 0-100% SOC in 9 h and 15 min |
On-board charger: 11.5 kW Info: About 37 miles of range per hour of charge with a 240-volt 48-amp charging unit |
|
| DC | Info: 10-80% SOC in 47 minutes (100 kW charger) or 64 minutes (50 kW charger) | Info: Up to 95 miles in 30 minutes | |
| Weight | |||
| Curb weight (est.) | 3715 lbs (1685 kg) | 1% | 3680 lbs (1669 kg) |
| Prices | |||
| MSRP | $33,550 | 20.7% | $27,800 |
| Dest. Charge | +$1,335 | +$995 | |
| Tax Credit | N/A | $7,500 | |
| Effective Price | $34,885 | 63.8% | $21,295 |
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Keyword: Devastating Price Difference: Hyundai Kona Electric Vs Chevy Bolt EV