GM Chairman Richard Wagoner announced this morning at the annual briefing for shareholders that the GM board of directors approved production funding for the plug-in hybrid Volt last night. We earlier reported that funding for the cars development within GM was given a blank check. GM is racing to meet the target of late 2010 for the first models to roll off the assembly line.

Wagoner also announced that the production version of the car will be unveiled to the public in the near future. The original concept pictured above tested poorly in the wind tunnel and is being refined. The key issue in the exterior design lies in reducing the aerodynamic drag to make the car more efficient on energy usage. A dedicated Volt site has been set up to cover development and production news.

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