Chevrolet has announced a significant shift in its electric vehicle strategy, confirming that the much-anticipated entry-level $40,000 Chevrolet Silverado EV will unfortunately not be offered. This news, while not entirely unexpected given the recent economic pressures on the EV industry, marks a notable change for consumers eager to embrace electric pickup trucks at a more accessible price point.
Previously, Chevrolet’s official website indicated the possibility of reserving a Silverado EV with an estimated base MSRP of $39,900. This promise raised considerable excitement among potential buyers looking for an affordable entry into the electric truck market. However, during the media first-drive event for the Silverado EV 4WT work truck, Chevrolet representatives delivered the disappointing update. While the $40,000 model is off the table, they assured that “competitively-priced” lower-trim variants are still planned for release, starting in 2024. This leaves many wondering about the actual Silverado Ev Release Date for these more budget-conscious options and what “competitively-priced” truly means in the current EV landscape.
Currently, Chevrolet has revealed pricing for the initial Silverado EV models launching throughout 2023:
- Silverado EV 4WT: $79,800 – Already in production and geared towards fleet customers.
- Silverado EV 3WT: $74,800 – Launching shortly after the 4WT, also primarily for fleet sales.
- Silverado EV RST: $106,895 – The premium trim, available for retail customers with reservations open, expected in Fall 2023.
The initial Silverado EV models are positioned as work trucks (4WT and 3WT) and the high-end RST, leaving a gap for individual consumers seeking more affordable options. The key distinction between the 4WT and 3WT lies in battery size, with the 4WT boasting a larger battery pack and an EPA-estimated range of 450 miles. The 3WT is anticipated to achieve a range close to 400 miles but is still awaiting EPA certification. The RST, targeted at retail customers, is also projected to offer around 400 miles of range. Chevrolet has confirmed plans to introduce a broader range of Silverado EV versions for retail consumers, including work truck models and the Trail Boss trim, at varying price levels. The exact Silverado EV release date for these consumer-focused trims in 2024 remains a crucial piece of information for interested buyers.
Despite the cancellation of the $40,000 model, Chevrolet has indicated that Silverado EV versions starting from around $50,000 are still in the pipeline. Moreover, potential buyers could see the final cost dip below $40,000 by leveraging federal tax credits and state-level electric vehicle incentives, offering a glimmer of hope for affordability.
This price adjustment comes as the entire electric vehicle sector grapples with rising costs. Ford’s F-150 Lightning Pro, a direct competitor to the Silverado EV, has experienced price surges exceeding $20,000 in under a year. The base F-150 Lightning Pro now starts at $61,869 (including destination charges), a significant jump from its initial launch price of $41,669 in Spring 2022. This price escalation underscores the inflationary pressures impacting EV manufacturing. Tesla’s CEO Elon Musk also acknowledged the impossibility of delivering the promised $40,000 Cybertruck, citing unforeseen inflation.
The cancellation of the entry-level Silverado EV and price increases across the EV truck market highlight the challenges of producing affordable electric pickup trucks in the current economic climate. Lingering supply chain disruptions, lithium processing constraints, and persistent inflation are significant factors. While the $40,000 Silverado EV may not materialize, the promise of Silverado EV options starting from $50,000, coupled with potential incentives, suggests that Chevrolet is still aiming to offer relatively competitive pricing within the evolving EV truck landscape. Enthusiasts and potential buyers are now keenly awaiting further details on the Silverado EV release date and pricing for the more accessible consumer trims expected in 2024.
