by Christopher Freeburn | August 6, 2013 10:15 am
The Chevrolet Volt just got more affordable.
With other manufacturers trimming electric vehicle prices, General Motors (GM) is cutting $5,000 off the Volt’s base price. The car will now start at $34,995. Including a $7,500 federal tax credit, a 2014 Volt can be had for as little as $27,495, the Associated Press notes.
From the beginning of this year through July, GM says it sold 11,643 Volts. That marks a 9.3% increase over the same time last year.
However, rival electric cars are doing better. Nissan‘s (NSANY) Leaf, whose base price was also recently trimmed, saw its sales rise threefold to 11,703 during the same period.
The Volt has struggled to gain a foothold with consumers. GM has disputed reports that it loses a significant amount of money on each Volt.
Last month, Ford (F) dropped the price of its 2014 Focus EV by $4,000.
Shares of GM slid more than 1% in Tuesday morning trading.
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