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Chevy’s first-ever Silverado EV has left many puzzled regarding its market positioning. This model is distinct from its gas-powered counterpart and bears a resemblance to the Avalanche, yet its target audience remains unclear. Dealers seem equally confused, with some offering discounts as high as $16,000 on this rugged and luxurious mid-level work truck.
Correction (7/29/24, 4:00 PM ET): The earlier article stated that only the Bolt EV and EUV qualified for the federal tax credit. It has been updated to include the Blazer EV, Equinox EV, and Cadillac Lyriq.
At first glance, a discount might not seem appealing since the only version available on the retail configurator is the First Edition RST. Additionally, the options for customization are quite limited, requiring buyers to choose between black or white paint for this debut model, which starts at $96,495, including destination fees.
Recent checks on third-party marketplaces reveal that the formerly fleet-only WT trim is now available for retail sales. With prices ranging from $68,900 to $80,445 for this trim, a $16,000 discount could actually be a significant saving. However, potential buyers should take note of the fine print, which states that "advertised prices include factory incentives, rebates, dealership special offers, and more."
Currently, the only GM electric vehicles eligible for the $7,500 federal tax credit are the Bolt EV/EUV, Chevy Blazer EV, Chevy Equinox EV, and Cadillac Lyriq. To mitigate this, Chevy has introduced its own rebate, matching the federal amount, which likely reflects the "factory incentives" mentioned in the legal disclaimers.
Despite the confusion, the Silverado EV boasts impressive specifications, delivering 510 horsepower and up to 834 lb-ft of torque. According to the EPA, the 4WT version offers an estimated range of 450 miles, while the 3WT model provides 420 miles. Notably, these WT versions have a longer range than the Ford F-150 Lightning, which offers 320 miles but surpasses the Silverado in power with 580 hp and 775 lb-ft of torque. The RST variant stands out with its 754 hp and 785 lb-ft of torque. Both the RST and 4WT versions are capable of towing up to 10,000 pounds and can handle a payload of 1,500 pounds.
When factoring in the available incentives, a Chevy EV truck priced around $50,000 can compete directly with rivals such as the F-150 Lightning and Rivian R1T. It’s important to note that while the Ford still qualifies for the full federal EV tax credit, only certain Rivian models priced under $80,000 are eligible, offering a reduced rebate of $3,750. Ultimately, it remains to be seen whether the Chevy discounts will sufficiently entice buyers to choose the Silverado EV, regardless of who that target audience may be.
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