In an attempt to increase demand for the slow-selling Volt hybrid vehicle, Chevrolet has announced it will sell two version of the redesigned 2016 Volt.

The two models will include a lower-priced vehicle with a shorter driving range and smaller battery pack, according to Reuters.

"Volt customers are the happiest customers in the world. We found a formula that works for them, and we're not going to deviate from that formula," said Chevrolet spokesman Mike Albano, according to Reuters.

He declined to comment on the brand's future plans besides that.

Chevy has sold just 58,158 Volts since the vehicle went on sale some 39 months ago. The automaker has tried reducing the cost of the vehicle, but nothing has seemed to help increase sales.

In comparison, the Ford sold over 70,000 F-series pickup vehicles last month alone, according to the automaker.

The second-gen model will hit production in "about 16 months" at GM's Detroit Hamtrack plant, according to Reuters.

Earlier this week, GM announced that it will spend approximately $384 million to upgrade equipment and tooling at its Hamtramck facility, where it will build the new Volts and "two future products," according to Reuters.

The 2016 Volt will share its underpinnings with the next-gen Chevrolet Cruze, which the automaker will start producing in 2015 or 2016.

GM reportedly wants to offer a lower-cost edition, priced a little over $30,000 that would have a range of around 300 miles.

The entry level Volt would become one of the least expensive plug-in hybrids sold in the U.S. The strategy would also help the automaker rival Tesla Motors.

The automaker sold just 3,606 Volts during the first three months of 2014, a 15 percent drop off compared to the same time last year.

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