General Motors (NYSE:GM) is looking to trim the price of its much-touted electric car, the Chevy Volt.
According to a GM executive, the Volt will see its price fall by “thousands” of dollars as the automaker introduces a new a compact platform specifically designed for the Volt’s electric power plant in the car’s next generation model, USA Today notes.
The Volt features batteries that can be charged overnight, allowing drivers to travel about 35 miles before a gasoline-powered engine kicks in.
Currently, the Volt is built on GM’s standard compact-car platform, which was designed for normal gasoline engines. A platform developed specially for the Volt will better accommodate its batteries and electronics.
GM is introducing a luxury version of the Volt, the Cadillac ELR, which debuted at the North American International Auto Show earlier this week.
Currently, the Volt is priced at about $40,000, which has proven a stumbling point for consumers. GM is said to be losing tens of thousands on dollars on each Volt it sells, though it disputes the exact extent of that loss.
Shares of GM rose about 1% in Thursday morning trading.