General Motors just announced that pricing for its 2014 Chevy Volt plug-in hybrid will now be almost $5,000 lower than the 2013 model at $34,995. This means that after available tax credits the starting price for the 2014 Volt now stands at $27,495. GM has not announced what changes were made to reduce the starting price of the Volt, but the price drop is obviously a response to the significant price cuts rolled out by rival electric vehicles, such as the Nissan Leaf.

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

The 2014 Chevy Volt is virtually identical to the 2013 model, except for the addition of two new colors (Ashen Gray Metallic and Brownstowne Metallic) and a new leather-wrapped steering wheel. The Chevy Volt can drive up to 38 miles in fully electric mode and the range-extending engine gives the Volt up to 380 total miles of total driving range. The Volt continues to be the best selling plug-in vehicle in America.

+ General Motors