Prepare for a low intensity price war over electric vehicles. GM announced that its all-electric Chevrolet Spark, going on sale next month in California and Oregon, will sell for as low as $19,995 after the full federal tax credit of $7,500. According to the calculations of Reuters, that’s “as much as 38 percent less than what it takes to buy its larger sibling, the hybrid Volt.”
The larger Volt sells for about $32,500 after the tax credit. MSRP of the base Spark will be $27,495, undercutting the Mitsubishi i-MiEV ($29,975) and the Nissan Leaf ($29,650). It is expected that there will be a reaction.
The car can be leased for as low as $199 a month for 36 months with $999 due at signing. California EV owners may also qualify for other state and local tax credits and incentives of up to $2,500, reducing the price to $17,495. EV owners in California are also eligible for carpool lane access with only a solitary driver in the car.