Chevy Volt Price Cut: GM Drops Sticker Price By $5000

The Chevy Volt just got $5000 less expensive.

GM announced today that that the 2014 Chevy Volt will have a sticker price of $34,995. That’s a 13% drop ($5000) from the 2013 price of $39,995.

According to the LA Times, the price can be reduced even further with federal tax credits. GM says that consumers will be able to get a tax credit as high as $7,500, depending on their tax situation, which would drop the price down to $27,495.

Don Johnson, U.S. vice president for Chevrolet sales and service. said that the company has been able to reduce the cost of manufacturing the vehicle and is now lowering the price point to increase sales.

Johnson said: “We have made great strides in reducing costs as we gain experience with electric vehicles and their components.”

Chevrolet has sold 11,643 Volts during the first 7 months of 2013. That’s a 9% increase over the same period last year but Volt’s are still far behind their gasoline-only competitors. The Chevy Cruz, for instance, saw its sales increase 24% to 160,000.

The Chevy Volt is the latest alternative fuel vehicle to see a price drop. Nissan, Honda, and Ford have all dropped prices on their electric offerings recently. The Nissan Leaf saw a $6,400 price drop, the Honda Fit EV is now available for $259 a month (it was $389) and the electric Ford Focus price was dropped $4000 to $35,995.

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