DETROIT – Despite rising commodity costs, General Motors on Wednesday slashed the price of its 2023 Chevrolet Bolt EV, likely making it the least expensive electric vehicle on sale in the U.S.

The Detroit automaker cut the cost of the Bolt EV to a starting price of $26,595, down $5,900 from the 2022 model year. GM also reduced the price of its larger Bolt EUV by $6,300 to start at $28,195. All pricing includes a mandatory $995 destination charge.

The cuts come as automakers, especially pure EV companies, hike prices on their electric vehicles amid changing market conditions and rising commodity costs, specifically for key materials needed for EV batteries.

Automakers such as Tesla and GM’s Cadillac brand, as well as EV start-ups Rivian and Lucid, have increased prices on EVs. GM warned during its first-quarter earnings call in April that it expects overall commodity costs in 2022 to come in at $5 billion, double what the automaker previously forecast.

A Chevrolet spokesman declined to discuss the profitability or build costs of the Bolt models, but they’re likely lower than newer vehicles. The Bolt EV has been in production since 2016 and features older battery technology than the company’s new EVs such as the GMC Hummer pickup and Cadillac Lyriq, which feature its “Ultium” technologies.

The price adjustment is an effort to stay competitive in the EV marketplace and “better aligns” the manufacturer’s suggested retail price with the average sale price for the customer, Chevrolet spokesman Shad Balch said in an email.

The Bolt EV is expected to be the least expensive EV on sale in the U.S. However, not all automakers have released their pricing for the 2023 model year.

The lower prices should help bolster Bolt sales, which Steve Majoros, vice president of Chevrolet marketing, last month said is expected to reach a record in 2022.

Production of the 2023 Bolts is expected to begin in the summer. GM is in the midst of refilling its dealership pipeline with the vehicles after a recall due to fire risks shut down sales and production for several months of the past year.

The Bolt EV has a range of up to 259 miles on a full charge. The larger Bolt EUV has a range of 247 miles on a full charge.