2014 Chevy Volt's Price Cut by $5K as GM Pushes Electric Cars

The 2014 Chevy Volt's sticker price will be cut by $5,000, General Motors announced Tuesday as part of an aggressive new push to make the electric car more appealing to consumers, considering its small market share in overall auto sales.

The price reduction means consumers will be able to purchase the electric car for $35,000, compared with the previous $40,000 sticker price. When government tax rebates are factored in, the car could be bought for as little as $27,495, General Motors points out.

"The lower price and cost savings from driving on electricity provide Volt owners an unmatched balance of technology, capability, and cost of ownership. The 2014 Volt will offer the same impressive list of features, but for $5,000 less," Don Johnson, U.S. vice president of Chevrolet sales and service, said in a statement, PCMag.com reported.

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The reduced price for the 2014 Chevy Volt will not compromise the vehicle's performance, according to Johnson.

"We have made great strides in reducing costs as we gain experience with electric vehicles and their components," Johnson added. "In fact, the Volt has seen an increase in battery range and the addition of creature comforts, such as a leather-wrapped steering wheel and MyLink, since its launch in 2010."

The plug-in hybrid electric vehicle was launched by General Motors in 2010 and has long been criticized by conservatives for being dependent on government subsidies.

Since December 2011 more than 43,000 Chevy Volts have been sold in the U.S., making it the best-selling plug-in car in the country, GreenCarReports.com notes.

Despite the success among plug-in vehicles, the Chevy Volt still struggles to gain a foothold in the overall U.S. automobile market, in which more than 14 million vehicles were sold in 2012, CNN reported.

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Thus far this year, General Motors has sold just 11,643 Chevy Volts, according to Kelly Blue Book. In comparison, GM sold 23,461 Chevy Volts in 2012, CNN notes.

With the ability to go approximately 40 miles on one charge, one of the most common complaints among consumers is the plug-in hybrid's limited range. It's important to note, however, that the car's gasoline engine does allow for longer drives.

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