Responding to similar moves by various other manufacturers aimed at making their EV/plug-in offerings more attractive to potential budget-minded buyers, Chevrolet has announced a $5,000 reduction in the base price of its 2014 Volt. That slice in sticker will see the range-extended plug-in open at $34,995 when it goes on sale later this summer. As with the current Volt, the 2014 model will remain eligible for up to a $7,500 federal tax credit as well as various applicable state and local incentives.

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Don Johnson, Chevrolet's U.S. vice president of sales and service, attributes the ability to lower the Volt's price to "great strides" that have been made in reducing the car's production and component costs, although he provided no additional specifics. Johnson went on to note that the now-more-affordable Volt will continue to offer the same comprehensive list of standard features as well as retain the current 98MPGe electric economy rating and 35/40 mpg city/highway EPA marks when running on gasoline-generated power. The only changes to the package are two new exterior colors -- Ashen Gray Metallic and Brownstowne Metallic -- and a leather-wrapped steering wheel.

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The Volt's price reduction comes less than a month after Ford enacted a similar cut on its 2014 Focus Electric that dropped the entry point of that vehicle from $39,995 to $35,995. Two months ago, Chevy began offering a $4,000 rebate on 2013 Volt models and a $5,000 spiff on remaining 2012s to help spur sluggish sales -- in addition to dropping payments on a 36-month lease to $269. However, the automaker believes that actually trimming the Volt's Manufacturer's Suggested Retail Price will be far more effective in broadening its exposure to green-leaning individuals who frequently use online auto information sites like to conduct price-restrained searches for a plug-in or gas-powered alternative sedan.

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