Chevy Bolt discounting proves its 'dead,' says Tesla bull

The Chevy Bolt EV at the Los Angeles Autoshow.
Frederic J. Brown | AFP | Getty Images

The recently reported discounts seen on Chevy Bolt cars at dealerships is proof the car will not be a serious contender in the growing electric car market.

Chowdhry, an analyst for Global Equities research, is among the most bullish of Tesla analysts, and says GM doesn't have what it will take to compete with Tesla.

He called the Bolt EV an "Ugly Tiffin Box" that is "Dead on Departure" in a note sent back in November 2016.

He reiterated his view of the car in a note sent Tuesday, highlighting news of discounts.

But Chevrolet spokesman Fred Ligouri said the Bolt EV's future looks "really bright" and said the car is the fourth-bestselling plug-in vehicle.

"If you look back at any of the awards the car the won, look at some of the early customer enthusiasm around the car, look at the dealer enthusiasm around the car, Bolt EV is on track to bring a lot of new buyers not only to the Bolt EV nameplate, but also the Chevrolet family," he said.

Ligouri also said that some dealers are lowering prices, but others are raising them.

Indeed, Automotive News reported on Monday that while some dealers are offering a $5,000 discount on some cars, other dealers are jacking up prices by the same amount over the suggested sticker price.

However, the article also noted that, nationally, "the average amount consumers paid below sticker price grew from $1,400 in January, a 3.4 percent discount, to $2,200 in February, a 5.3 percent discount, according to TrueCar."

The Bolt is only available in a handful of markets across the United States, including California, Oregon, Massachusetts, Maryland, New York, New Jersey, and Virginia. It can travel 238 miles on a single charge — unmatched for a car at that price.

Bolt EV deliveries, reported at the beginning of March, showed a drop to 952 in February from 1,162 in January.

The all-electric vehicle was credited with beating the Tesla Model 3 to market, which is expected to have a similar price. MotorTrend named the Bolt the 2017 Car of the Year.