The eagerly awaited 2014 Volt will have no changes from the 2013 model, except for a couple of new colors – and a $5,000 price cut. The new sticker price will be $34,995, including an $810 destination charge. The 2014s have already begun shipping from GM’s Detroit-Hamtramck assembly plant, and will arrive in showrooms within a few weeks.

GM told Automotive News that it made the move in response to price competition from other EVs. Nissan cut prices for the LEAF, and introduced a cheaper base model, in January, and has seen its sales triple. The LEAF edged out the Volt as the country’s best-selling plug-in in July. Ford recently dropped the price of its Focus Electric by $4,000, to $35,995. Honda and Fiat have seen demand for their EVs surge since they started offering attractive $199-a-month lease deals.

Chevy sales chief Don Johnson also said that GM has made “great strides” in reducing the Volt’s production cost. GM execs have said that they expect to reduce costs by $5,000 to $10,000 by the time the second-generation Volt arrives around 2015.

Source: Automotive News, GM