General Motors Co. (NYSE:GM) has revealed it's most affordable electric vehicle, the Chevrolet Bolt EV, which offers a new battery and a $29k price tag.

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A Familiar Design, Better Technology

The automaker revealed the new Bolt EV on Wednesday, showcasing a similar design to the outgoing model, with only minor cosmetic updates to the front and the rear.

However, the vehicle features significantly faster charging, with 150kW capacity and NACS port support. The EV also offers a 255-mile range and V2L (Vehicle To Load) charging at 9.6kW.

Perhaps the biggest update is the new 65 kWh LFP battery supplied by Chinese battery giant Contemporary Amperex Technologies Ltd. (CATL), which will supply the automaker with batteries until 2027.

Chevrolet offers the Bolt EV in three trim levels, the base LT retails for $28,995. The LT Comfort trim is priced at $29,990 while the range-topping RS Trim is available for $32,000.

GM Backtracks EV Credit

The news comes as GM has reportedly backtracked on offering its planned incentives on EVs beyond the September 30 deadline after Sen. Bernie Moreno (R-OH) expressed concern about the incentives.

Ford Motor Co. (NYSE:F) is also offering the incentive, along with multiple other major U.S. automakers, but it remains unclear whether Ford is also considering pulling the plug on the incentive extension at this moment.

Tesla's Affordable Trims Invite Criticism

Tesla Inc. (NASDAQ:TSLA) also announced new affordable trim levels for the EV giant's Model Y and Model 3 in the U.S. The affordable models, however, have invited criticism from various experts, including Gerber Kawasaki's Ross Gerber and Future Fund LLC's Gary Black, who predicted it wouldn't increase sales figures.

Meanwhile, Tesla bull and Wedbush Securities' investor Dan Ives reiterated his optimism with Tesla, but expressed disappointment over the company's pricing strategy with the affordable trims, deeming it to be too close to the already available variants.

GM offers good Momentum and Value and scores satisfactorily on the Quality and Growth metrics. GM also offers a favorable price trend in the Medium and Long term. For more such insights, sign up for Benzinga Edge Stock Rankings today!

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