GM Reveals Production Volt This Morning

After months of speculation, GM has revealed the production version of the first plug in hybrid car from a major car manufacturer. The overall design has moved more towards a traditional sedan look versus the low slung profile of the concept car. Jalopnik is covering the launch event in Detroit which is part of GM’s 100th anniversary celebration.

GM is hoping the Volt will become a cornerstone product in the company’s future. In fact, it is the first vehicle to be classified as an E-REV or Extended-Range Electric Vehicle. GM hasn’t released too many technical details about car yet but estimates of a top speed of 100mph with a 40 mile all electric powered range are being reported by the company.

The Volt press release also offers some usage cost stats. GM estimates that the Volt will cost about two cents per mile to drive while under battery power compared to 12 cents per mile using gasoline priced at $3.60 per gallon. For an average driver who drives 40 miles per day (or 15,000 miles per year), this amounts to a cost savings of $1,500 annually. Using peak electric rates, GM estimates that an electrically driven mile in a Chevy Volt will be about one-sixth of the cost of a conventional gasoline-powered vehicle. The cost savings are even greater when charging during off-peak hours, when electric rates are cheaper.

Production for the Volt is expected to happen at Detroit’s Hamtramck facility in late 2010 pending some negotiations. As we have reported previously, the project is on an internal fast track with a big financial commitment to make the vehicle a reality.