BUSINESS MEMO: CUTS LEASE PAYMENTS

Disappointing sales of General Motors Corp.'s electric car -- the EV1 -- have forced the automaker to cut the monthly lease payment by 25 percent.

After talking with 800 likely customers and finding they were discouraged by the monthly payment, GM reduced the lease rate from $530 per month to $399.

GM said 176 people have leased the cars already, and they will get the lower rate. The automaker is aiming to sign up 100 new lessors per month.