General Motors Co. has lowered prices on its growing inventory of unsold Chevrolet Volt extended-range hybrid sedans.
GM cut the base prices on 2013 and 2012 models by $4,000 and $5,000, respectively. Buyers also can qualify for a $7,500 federal income tax credit. The reductions bring down the customer price of a 2013 Volt to $28,500.
GM also has been offering a sweetened three-year lease deal on Volts: $269 per month with a $2,400 down payment, or 0% financing for 48 months and a $3,000 cash rebate. Rivals Ford, Honda and Nissan also are offering cut-rate leases on electrified vehicles.
Chevrolet dealers have a 140-day supply of Volts, more than twice the industry’s ideal level. Chevy hopes to shrink inventories in preparation for the 2014 model due in a few months.
Volt sales in the U.S. slid 4% year over year in May to 1,600 cars compared with an 8% increase for the overall auto market. GM aimed to boost domestic Volt sales to 40,000 units this year from 23,500 units in 2012. But volume was only 7,200 units in the January-May period.