Chevrolet Volt from the General Motors Company (NYSE:GM) may be a compact car, but its road ahead is complex. It is facing a tough time and struggling to maintain a position in the auto market. The condition has worsened ever since the rival Tesla Motors Inc (NASDAQ:TSLA) launched Model S. Volt, and Model S have been fighting in terms of sales. Tesla Model S emerged a winner with more units sold than the Volt. At a time when the Volt is facing flak, the company is planning to revive market sentiment, and a new model of Volt is expected to be launched in September 2015.
As per a statement released by the Director of Chevrolet Marketing Steve Majoros, the reason for launching an improved Volt is based on the demand of the loyal customers. The smart price and latest upgrades are going to trigger adding more buyers for the car and increasing the existing database of loyal customers, according to Majoros.
Upcoming Model
The 2016 model promises to provide a better efficiency by having a 50-mile electric range. The EV technology is also going to be a major feature of the latest version. In a bid to boost sales in the U.S., General Motors slashed the prices of the Volt by $5000. For FY2015, the car is pegged to sell 2,779 units. Confirming the news of a new model, the 2016 Volt would be priced at $33,995. The internal combustion engine or the ICE-technology will increase the mileage.
Gasoline Car Demand Rises
Forbes estimated that Volt sold only 905 units in April 2015 and analysts assume that apart from the flaws in the car, the dipping gasoline prices are also behind the drop in sales. In the last quarter, sale of gasoline cars has picked up again, and the auto industry has recorded a better growth than the previous fiscal.
Apart from the electric feature and the fact that it is environment-friendly with no emissions, General Motors Company (NYSE:GM) is positive that the anticipated version of Volt would do well. The latest version would also come with an option of gas filling. The Volt fans, buyers and analysts are waiting to see the performance of the upcoming model.
