Press Release
GM Announces Price and Debut Date for EV1 Electric Vehicle
10/17/96
Price & Introduction Date of GM's EV1 Electric Announced Source: PR Newswire LOS ANGELES, Oct. 15 -- Saturn Corporation announced today (October 15) that the General Motors EV1 electric vehicle will be offered through a 36-month GMAC lease at a capitalized lease cost of $33,995. Saturn also revealed that December 5, 1996, will be the first day EV1 customers take delivery of their vehicle through one of its 26 retail facilities in the greater Los Angeles, San Diego, Phoenix and Tucson marketing areas. "We're excited, our retailers are enthused and the prospective EV1 owners eagerly await the arrival of this milestone introduction," said Joe Kennedy, Saturn's vice president of Sales, Service and Marketing. "Together, GM and Saturn are ready to prove that this new generation of vehicle can be a marketplace success." Although all EV1s will carry a $33,995 price on the window label, the capitalized cost on which the consumer's lease payments will be based can be considerably reduced by available federal, state and/or local financial credits. For example, a 10% ($3,400) federal tax credit can reduce the capitalized lease cost to $30,595. In addition, EV1s leased and delivered within California's South Coast Air Quality Management District may also be eligible for an additional $5,000 "buy-down" credit, resulting in a $25,595 capitalized cost. (SCAQMD boundaries include Los Angeles, Orange and Riverside counties, and the non-desert portion of San Bernadino County.) Vehicles leased in Arizona qualify for a 60 percent reduction in annual registration fees, offering EV1 lessees a potential savings of more than $2,100 during the term of the lease. The EV1 will be made available to retail customers through a $0-down payment/36-month/30,000-mile GMAC lease program. A refundable security deposit is required. Approximate monthly payments for the vehicle would range from $480 to $640 per month, based on capitalized cost examples of $25,595 and $30,595 respectively. For convenience, customers may prefer to select a one-time GMAC lease payment ranging from $15,783 to $21,328, again based on the capitalized cost examples of $25,595 and $30,595 respectively. The required 240-volt Delco Electronics Magne Charge inductive charger is not included in the vehicle lease. The wall-mount version of the charger may be purchased at a Manufacturer's Suggested Retail Price (MSRP) of $1,995 or may be leased separately for approximately $50-55 per month through Edison EV, GM's Authorized Charger Service Provider. Installation fees are additional. The U.S. Department of Energy and EPA energy consumption ratings for the EV1 are 30 kilowatt-hours per 100 miles in the city and 25 kW-hr/100 miles highway. Estimated annual electricity costs are $420 at 10 cents per kW-hr (typical peak use rate) and $126 at 3 cents per kW-hour (typical off-peak rate). For comparison, a gasoline-powered vehicle averaging 28 miles per gallon at $1.30 per gallon would have an estimated annual fuel cost of $696. As a fully-equipped sports coupe, the EV1 comes with such standard features as air conditioning, AM/FM/Cassette/CD, dual air bags, ABS with traction control, power-controlled windows, door locks and mirrors, and a portable on-board 110/120-volt convenience charger. The EV1, including its battery pack, will be covered by a 3-year/36,000- mile "bumper-to-bumper" new car limited warranty. Warranty service will be available exclusively at those Saturn retailers authorized to lease and service EV1s. Consumers interested in further information on the GM EV1 can place a toll-free call to 1-800-25-ELECTRIC or access the Internet site at http://www.gmev.com).