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GM introduces the Chevy Volt, a sleek electric car capable of 40 mpg on a single charge
Some critics have called the Chevrolet Volt, the electric car General Motors (GM) plans to sell in 2010, vaporware. Other skeptics have doubted the company could get the needed lithium-ion batteries ready for market by then.
But in a play to show that GM will get beyond its current financial struggles and challenge Toyota (TM) in the technology game, Chairman and CEO G. Richard Wagoner Jr. showed the production version of the car at a 100th anniversary event for the automaker at its Detroit headquarters. "The Volt is symbolic of what GM is today—cutting-edge design and technology," he said.
GM first showed the Volt in January 2007 at the Detroit Auto Show (BusinessWeek.com, 7/01/07) in an attempt to show it was pushing ahead with advanced technology. While GM and its bread-and-butter Chevrolet brand were trying to buoy pickup truck and SUV sales amid rising gasoline prices, rival Toyota was winning converts with its Prius (BusinessWeek.com, 6/6/08)> and several other hybrid electric cars.
The Volt is an attempt to leapfrog over the Prius