While it may not come as a huge surprise, it's most definitely a big disappointment.
Chevrolet announced today that, unfortunately, it will not be offering an entry-level $40,000 Chevrolet Silverado EV after all.
Granted, it’s not a complete surprise because the entire electric vehicle industry has been under pressure to increase prices in the past three years. Still, it’s disappointing to find out with certainty that the possibility of being able to reserve an affordable, entry-level Silverado EV is gone.
Chevrolet’s website had previously shown the Silverado EV could be reserved with an estimated base MSRP of $39,900
Chevrolet representatives gave us the bad news at the media first-drive event for the Silverado EV 4WT work truck but promised they would offer lower-trim “competitively-priced” variants of the vehicle starting in 2024.
We now know the pricing for the first three versions of the Silverado EV, all launching in 2023:
- Silverado EV 4WT – $79,800 – Already in production
- Silverado EV 3WT – $74,800 – Available soon after the 4WT launch
- Silverado RST – $106,895 – Available in the Fall
Both the Silverado EV 4WT and 3WT are work trucks and are only available for fleet customers. The main difference between the two is the 4WT has a larger battery and an EPA range rating of 450 miles per charge. The 3WT hasn’t been EPA-certified yet, but Chevrolet representatives are hopeful it will have a rating close to 400 miles.
The Silverado RST is the top-of-the-line trim for the Silverado EV and is available to reserve by retail customers and is expected to have an EPA range rating of approximately 400 miles. Chevrolet plans to release a number of different retail-consumer versions of the Silverado EV, including a work truck model and a Trail Boss at a variety of different price points.
The Ford F-150 Lightning Pro has seen over $20,000 in price increases in less than one year.
In fact, Chevrolet promises that there will be Silverado EV options with various levels of content starting from $50,000. Additionally, if the purchase is in a state that has electric vehicle incentives, combining those with the federal tax credit could actually bring the final cost of a Silverado EV under $40,000 – so there is still hope!
If Chevy can deliver on the $50,000 Silverado EV it says it will, that will undercut Ford’s lowest price for the F-150 Lightning Pro by roughly $10,000.After a seemingly endless series of price increases by Ford, the least expensive version of the F-150 Lightning Pro now costs $61,869 (including destination.)
That’s a remarkable $20,200 more than the $41,669 the same vehicle cost when it originally launched in the spring of 2022. Plus, that vehicle has the standard range battery pack, which is EPA-rated at only 240 miles.
The promised $40,000 Tesla Cybertruck won’t happen either
“I think there’s no way to have sort of anticipated quite the inflation that we’ve seen. – Tesla CEO, Elon Musk in 2022
Ford and Chevrolet aren’t the only companies to kill the $40,000 electric pickup truck after promising to deliver one. Tesla also originally promised it would sell the base Cybertruck for $39,900. However, we learned last summer from Tesla CEO Elon Musk that the $40K Cybertruck won’t happen, due to inflation.
I suppose in the post-pandemic world with lingering supply chain problems, lithium processing shortages, and high inflation, a $40,000 electric pickup truck is just something we’ll have to live without.
Gallery: 2024 Chevrolet Silverado EV Work Truck: First Drive
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