Chevy Volt may have been ahead of the game when it started, but as more plug-in hybrid and electric vehicles have hit the market, sales haven’t been increasing as fast as General Motors would like.
With so many electric vehicles on the market today, competition is stiff, and the sales numbers so far this year reflect the fight between the top three isn’t going well for Chevy Volt. As of May, Tesla Model S has moved approximately 8,900 units [estimated since Tesla Motors only releases quarterly sales data], followed by the Nissan Leaf, at 7,614 units, and then the Chevy Volt, at 7,157. Toyota Prius PHEV [Plug-In Hybrid Electric Vehicle], Ford C-Max Energi and Fusion Energi have taken a sizable chunk of the market away from Chevy Volt in the last year or so.
Really, in response to market pressures, all of the automakers selling electric vehicles have been making adjustments, such as Nissan announcing a $6,000 price cut on the Nissan Leaf or Honda announcing a $130 cut on the Honda Fit EV lease. Even Tesla Motors has dropped the 40kWh Tesla Model S for lack of demand. Chevy Volt is following suit with the announcement of new pricing that General Motors expects will boost sales and move the excess stock off the lots.
So far, Chevy Volt has already seen cash back and incentive deals as high as $3,000 cash back. General Motors is going one better and offering a couple more incentive packages, starting at $2,000 off plug 0% APR for 60 or 72 months. Go for the 48mo financing package and get 0% APR and $3,000 off or go for regular financing and get $4,000 off. Hoping to draw in drivers of the competition, General Motors is even offering an additional $1,000 off for those trading in a Non-GM model. Dealers themselves are also offering discounts and some buyers have been getting as much as $8,000 off, making the Chevy Volt more affordable then ever.