GM Offering Up to $5,000 in Incentives to Move Slow-Selling Volt
June 11, 2013 10:59 AM
It's also offering financing and leasing incentives
Chevrolet Volt sales have been a little slower than expected
over the past few months
, so General Motors (GM) is offering incentives to pick up the pace.
GM announced that it would take $5,000 off the 2012 Volt and $4,000 off the 2013 Volt. This is in addition to the $7,500 federal tax credit. The Volt can also be purchased with zero percent financing for 48 months, and the driver receives $3,000 in cash off the price.
For those leasing a Volt, GM is offering it for $269 a month for 36 months, with $2,399 due at signing.
All of these new incentives run until July 1, 2013.
Just last week, it was reported that Chevrolet Volt sales were down three months in a row compared to the same three months last year. Volt sales dropped 4.3 percent to 1,607 in May; fell 10.7 percent to 1,306 in April, and tumbled 35 percent in March.
However, Volt sales are up 1.4 percent (or about 100 vehicles) in the first five months of the year to 7,157 compared to the first five months of 2012. GM said Volt sales on a retail basis have been up month-over-month.
GM is likely trying to keep up with rivals, which are also offering incentives for their own vehicles at this time. For instance, Nissan
slashed the entry-level price
of the Leaf 18 percent to $28,800 back in January.
Leaf sales passed those of the Volt with a total of 7,614 for the first five months of this year. Nissan sold 2,138 Leafs alone in May -- a 300 percent increase over its sales in May 2012.
Other electric vehicle makers are cutting prices as well, such as Honda (Fit EV lease dropped from $389 to $259 per month) and Ford (Focus EV lease dropped from $350 to $285 per month and base price was cut $2,000 to $37,995).
Last month, GM announced that it
expected the next-generation Volt to be profitable
and cost $10,000 less to build.
GM is expected to announce features and pricing for the 2014 Volt this month, which is likely another reason for the incentives for older generations of Volts. GM needs to clear its inventory, which is at a 140-day supply right now, according to Chevrolet spokeswoman Michelle Malcho.
The Detroit News
said this is more than double what is considered "healthy."
The Detroit News
"You can bet that Sony built a long-term business plan about being successful in Japan and that business plan is crumbling." -- Peter Moore, 24 hours before his Microsoft resignation
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