GM planning lower-priced version of 2016 Chevy Volt

Due to the slow sales of its plug-in hybrid sedan, Chevrolet is planning to sell two versions of the redesigned 2016 Volt, according to Reuters. The company will include a lower-priced model with a smaller battery pack and shorter driving range.

The second-generation Volt will go into production in about 16 months at General Motors Co.'s Detroit Hamtramck plant. The company will spend $384 million in factory upgrades to produce the new models, Reuters reports.

Chevrolet sold 58,158 Volts since the car entered the market 39 months ago. By comparison, Ford's best-selling F-series pickup truck last month sold 70,000.

The current version of the Volt is priced just under $35,000 and has a driving range of up to 380 miles, according to Chevrolet. The new, cheaper version will be priced just over $30,000 and will have a range of less than 300 miles.

Read more from Reuters.