The suggested retail price of the 2015 Chevrolet Spark EV electric car will be cut by $1,650, to $25,995, GM announced today.
Chevrolet's chief global marketing officer, Tim Mahoney, announced the price cut today in a luncheon speech at the Washington Automotive Press Association.
Mahoney also said Chevy will offer the Spark EV electric minicar on a $139 monthly lease with no money down.
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As well as the price reduction, Chevrolet is contributing $1,000 to $3,500 of additional bonus cash to bring the price down further in each of the three states where the car is sold.
The bonus cash varies from state to state: It is $1,000 in California, $1,200 in Maryland, and $3,500 in Oregon.
2014 Chevrolet Spark EV - First Drive, Portland, July 2013
The Spark EV qualifies for a $2,500 purchase rebate in California and a $2,300 excise-tax credit in Maryland, as well as a Federal income-tax credit of $7,500.
In each of those states, then, the effective price of the Spark EV after all contributions, credits, and incentives have been realized is $14,995.
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The Spark EV also qualifies for single-occupant use of the carpool lane in California and Maryland.
Oregon presently offers no incentives to buyers of plug-in electric cars at all.
Battery pack assembly for 2015 Chevrolet Spark EV electric car at GM's Brownstown, Michigan, plant
The 2015 Chevy Spark EV is the second most energy-efficient (four-wheeled) vehicle sold in the U.S. of any kind, after the BMW i3 battery-electric hatchback.
The Spark EV is rated at 119 MPGe, while the i3 comes in at 124 MPGe.
The MPGe measure stands for Miles Per Gallon Equivalent, or the distance a car can travel electrically on the same amount of energy as contained in 1 gallon of gasoline.
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The price reduction announced today applies to the 1LT trim level of the Chevy Spark EV. Electric Sparks can be ordered with the CCS connector for DC fast charging and 4G LTE wireless connectivity.
A brand-new 2016 Chevrolet Spark minicar was unveiled at the New York Auto Show earlier this month, and will go on sale before the end of the year.
2014 Chevrolet Spark EV - Driven, July 2014 (NWAPA Drive Revolution)
But the Spark EV is expected to continue in the current-generation model for another year or so.
It will ultimately be replaced in the Chevy lineup by a production versions of the Chevrolet Bolt Concept shown in January, which will deliver 200 miles of range at a price of $37,500, according to GM CEO Marry Barra.