General Motors cut the base price of its 2014 Chevrolet Volt plug-in hybrid sedan by $5,000 to help improve disappointing sales in the U.S., but some experts aren't so sure their plan will work.

The 2014 Volt will now be sold for a starting price of $34,995 according to GM.

Volt sales were down 3.3 percent last month, but they're up 9.2 percent during the first seven months of 2013 all-together.

GM sold 23,461 Volts last year, mainly because most people felt the car was too expensive.

The price cut is the automaker's attempt at addressing that issue, but some feel they didn't cut the price enough to see a significant change in sales.

The Volt is eligible for a $7,500 U.S. tax credit according to GM. The automaker is hoping to have 500,000 vehicles on the road by 2017, with around half of them being electric models.

The new model can go 38 miles on a single charge before a driver has to switch to its gasoline engine.

"We have made great strides in reducing costs as we gain experience with electric vehicles and their components," Don Johnson, Chevrolet U.S. sales vice president, said in a press statement.

The Volt will arrive in the U.S. dealerships by the end of this month. The 2011 model was named North American Car of the Year, and 92 percent of those who were surveyed said they would by another Volt.

GM is also hoping the price reduction will help the Volt compete against Toyota's Prius and Nissan Leaf. The Prius is sold for $25,010 and the Leaf is sold for $29,650, respectively.

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