GM announces Chevy Volt sticker price

July 27, 2010 7:10:26 PM PDT
General Motors has announced the sticker price of its new electric car. The Chevrolet Volt will cost $41,000 when it goes on sale this fall.

The federal tax credit reduces its cost to $33, 500. That's about $8,000 more than its rival, the all-electric Nissan Leaf.

The Volt runs on battery power. Unlike the Leaf, it also has a small gas engine to generate power to the battery. GM says that means drivers won't have to worry about running out of power.

The Volt will initially be sold in seven states beginning in September. Illinois is not one of them.

The automaker will also offer a $350 a month lease program.