GM Unveils Electric "Chevrolet Volt"
profwhat.
Posted to Business on Fri Sep 19, 2008 at 06:37:00 AM EST (promoted by port1080). RSS.
For a cool $48,000, General Motors will sell you a car that can do 0-60 in about 9 seconds, and hit a top speed of 150 MPH. Sound overpriced? Did I mention it's the new electric Chevrolet Volt?
GM has been promising the Volt for a while now, prominently featuring the Volt concept car at auto shows and in advertising. This week, they finally took the wraps off the production model, which they will sell in 2010. The car will be able to go about 40 miles on electricity alone; charging it will take an evening, and cost "less than purchasing a cup of your favorite coffee." If you go longer than that, you're covered by a small gasoline engine that can take you another 300 miles. GM has not set a price, but GM chairman Bob Lutz has reckoned that "$40,000 might be possible, but that $48,000 is more realistic." Even at that high price, GM is expected to "lose money on every Volt it sells, at least in the early going, and possibly for years."
The Volt is more than just a car, though; for politicians, it represents a promise of many things. "The eyes of the world are now on the Volt. It's the future of America and the world," John McCain said while campaigning in Michigan earlier this year. Barack Obama is also a fan. The Volt represents freedom from foreign oil and an environmentally sensitive approach to transportation. That might explain, then, why GM is lobbying for subsidies for the Volt, including a $7,000 federal tax credit for customers of the Volt.
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