GM has already slashed $5,000 off the list price of the Volt in North America and the price reduction is likely to make its way across the Atlantic in the coming months.
The cut is likely to be in the region of around £3,000 and would echo a similar move made by Chevrolet's sister brand, Vauxhall, which has slashed the price of the Ampera by £3,500.
The Ampera and Volt share the same range-entender drivetrain, which features an electric motor backed-up by a 148bhp 1.4-litre petrol engine that acts as a power generator to keep the batteries topped-up once the car exhausts its electric-only range.
When the price cut goes ahead, the Chevrolet Volt is likely to undercut the Ampera by around £1,525 – with prices starting from £27,225 once the £5,000 Government grant has been factored in.
GM claims that both cars are able to achieve up to 50 miles on electric power alone, with the range-extender engine offering enough juice to keep it going for a further 250 miles.