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Why Chevrolet is offering partial refunds to Bolt owners

It is an unusual turn of events in this year of record new car prices. Chevrolet is offering a refund to some customers who have already purchased their cars.

The automaker announced in June that it was slashing prices on its electric Bolt EV and Bolt EUV models by $5,900 to $6,300 for 2023 and will make up the difference for people who bought the cars during 2022.

Bolt supplies have been hampered by a temporary production suspension caused by a battery pack recall and just 7,303 have been delivered to customers since the beginning of the year.

"A small number of Bolt EV and EUV customers purchased their vehicles in 2022 calendar year, when incentives were low due to limited inventory. As a result of the price reduction announced on the 2023 Chevrolet Bolt EV/EUV, we want to make sure these customers are satisfied with their purchase and ownership experience," Chevrolet told Automotive News.

"We will be reaching out to them in the coming weeks to inform them of a goodwill program that will provide reimbursements to make up the price difference."

Prices now start at $26,595 and $28,195, making Bolt models the cheapest electric vehicles on sale today.

General Motors has exhausted its eligibility for the federal $7,500 electric vehicle tax credit; however, so it is possible to buy several EVs including the Nissan Leaf for less overall after the credit has been deducted.

Even as it lowers the price of Bolts, GM is raising the prices of the electric GMC Hummer EV and Cadillac Lyriq due to supply chain costs.

Hummer prices were increased across the lineup by $6,250 in June, while the Lyriq is launching later this year at $62,990, which is $3,000 higher than originally planned.

The Bolt refund applies to all 2020, 2021, and 2022 models purchased this calendar year and the total cost of the program will be over $40 million if all owners take advantage of it.

Read updates and more coverage at FoxBusiness.com.

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A promotional image of the 2023 Chevrolet Bolt EV. EV stands for "electric vehicle." (Courtesy of Chevrolet)