General Motors hopes to attract more buyers by offering cash incentives of up to $5000 on the Chevrolet Volt. The automaker is offering $5000 cash on the 2012 Volt and $4000 on the 2013 Volt, a spokeswoman confirmed, in a bid to sell off current models before the 2014 Volt arrives.
"You need to be competitive in the market, so this is just one of the ways that we have to drive sales," Chevrolet Volt spokeswoman Michelle Malcho told us.
The move is supposed to help GM rid itself of a 140-day supply of the Chevrolet Volt before the 2014 version of the car hits dealerships later this year. The Volt has twice GM's overall new-car inventory, which was 73 days as of May 31. However, Malcho said the cash incentives aren't a reflection of poor Volt sales, but rather a common strategy GM uses to boost car sales. The Chevrolet Silverado pickup truck, for instance, also commonly carries large cash incentives.
Through the end of May, Chevrolet Volt sales are actually up 1.4 percent, at 7157 cars, compared to the first five months of 2012. That's only slightly behind the Nissan Leaf, which has sold 7614 cars through May of this year.
Nonetheless, the Chevrolet Volt cash incentives follow other automakers trimming prices on electric vehicles. Honda recently announced that it would reduce lease rates on the Fit EV by $130 per month, and a new entry-level version of the 2013 Nissan Leaf is $6400 cheaper than the 2012 model's base price.
Sources: Chevrolet, The Detroit News