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2024 Chevy Silverado EV Won’t Start at $40K After All

Electric trucks aren't going to be as cheap as we once hoped, Chevrolet included.
Chevrolet

The 2024 Chevrolet Silverado EV was originally expected to start at $40,000 for the basic work truck model. However, high inflation reigns supreme and auto prices are rising across the market. Now, it looks like the first electric Silverado will have an altogether different pricing structure when it launches later this year.

The biggest change to the pricing structure is the base model has jumped up to the $50,000 range. “Customers will have the ability to content the truck across various price ranges, with MSRPs starting from $50,000, $60,000, $70,000, $80,000 and more,” reads Chevrolet’s press release.

The problem in part lies with the current state of the economy. Inflation has been high across the world. The sums that worked out when Chevrolet announced the $40,000 truck in early 2022 are no longer looking as peachy. 18 months is now a long time when it comes to automotive pricing. To keep the business case solid for the Silverado EV, it appears the automaker has had to bump the figures.

It’s disappointing for customers, but perhaps unsurprising given what has been happening across the market. We’ve already seen other EV trucks add significant price hikes in recent times. The Ford F-150 Lightning is now over $20,000 more expensive compared to its initial pricing. Similarly, Rivian raised prices significantly last year, putting many pre-order holders offside.

As a guide, when The Drive’s Nico DeMattia drove the Silverado EV, he was behind the wheel of a 4WT model. With a 450-mile range on a full charge and 510 horsepower on tap, that highly-optioned premium truck was quoted at a price of $79,800. The work-oriented 4WT will be the first available launch spec, with the 3WT soon to follow with a shorter 350-mile range.

Fall will see the juicy RST First Edition models drop with 400 miles of range and an MSRP of $105,000 before dealer freight charges. The plum high-end trim will offer 664 horsepower and a 10,000-pound tow rating.

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The Silverado EV may not be the electric work truck bargain that we once expected. However, it looks like it will still be a solid option at an affordable price for the performance and capability on the table. When deliveries begin in earnest, we’ll get a better idea of how this pricing change will work out in the marketplace.

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