Another electric car gets a price cut

The new Chevy Volt will cost $5,000 less.

It's been the year of price cuts for electric cars. The Ford Focus EV dropped $4,000, the Nissan Leaf was slashed $6,400, and the BMW i3 had a starting price lower than expected.  And now that's continuing today with the announcement from GM that it's slashing the price of the Chevy Volt by $5,000.

The 2014 Chevy Volt will now cost $34,995. After tax breaks in the U.S. that could drop the price to as low as $27,495.

“We have made great strides in reducing costs as we gain experience with electric vehicles and their components,” said Don Johnson, U.S. vice president, Chevrolet sales and service, in a news release.

But GM also doesn't want to be left behind in the steadily growing U.S. EV market . The move comes after Nissan took over the top spot in the U.S. electric car market from GM. The Nissan Leaf's sales rose 372 percent in July compared to last year while the Chevy Volt's sales numbers fell 3 percent over the same time.

Photo: GM

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