GM becomes the latest automaker to drop the price of an electric car

IndustriesAssociated Press

General Motors is the latest automaker to drop the price of an electric car in the face of slow sales.

GM is cutting $1,650 off the price of the electric Chevrolet Spark. The new starting price is $25,995. Chevrolet is also offering a 39-month lease for $139 per month.

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The Spark EV is currently sold only in California and Oregon. It goes on sale in Maryland this summer.

GM says state and federal tax credits and additional incentives drop the starting price to $14,995.

Electric cars have struggled in the U.S market, particularly since gas prices dropped. Nissan, Ford and Mitsubishi have all lowered electric car prices over the last two years.

The cheapest EV on the market is currently the Mitsubishi i-MiEV, which starts at $22,995.