GM Planning Lower-Priced Volt for 2016

General Motors plans to sell two version of its Chevrolet Volt battery-electric hybrid in the 2016 model-year, including a lower-priced version, reports Reuters.

The lower-priced 2016 Volt would likely have a smaller battery pack and a shorter driving range, supplier sources told Reuters.

The second-generation Volt is scheduled to go into production in about 16 months at General Motors' Detroit Hamtramck plant. On Tuesday, GM announced it will spend $384 million to upgrade tooling and equipment at the plant to build the next-generation Volt "and two future products."