Chevy Volt Owners Get $7500 Electric Car Tax Credit

By: Rob Adams
Staff Writer
Published: Apr 30, 2009

Chevy Volt Faces Long Road Ahead

General Motors Corp confirmed last Monday that it's still on-target to release the Chevy Volt in 2010. Volt buyers will also receive an electric car tax credit of up to $7,500 and there's already talk of additional incentives which could further reduce the sticker price of the automobile. The automaker is still restructuring its balance sheet while keeping their alternative fuel vehicles on track.

"Despite the challenging business conditions, we're keeping development of our mainstream alternative technology vehicles on track, including the much-anticipated Chevrolet Volt," GM President and CEO Fritz Henderson said in a statement.

The future of the Volt is uncertain as GM feels it will be one of the key elements in turning the company around. Some analysts suggest that the car maker is at least one generation behind Toyota on advanced powertrain development. This could be the reason why GM devoted more resources to the Volt in an effort to sell an all-electric automobile.

If the Volt does everything GM says it will do, then the car manufacturer will be a leap ahead of Toyota. While the electric car has promise, it is currently projected to be much more expensive than its gasoline-fueled peers. The current prototype, unveiled today for journalists at GM's Milford Proving Grounds, will likely need substantial reductions in manufacturing cost before it comes to market.

Whether or not the Chevy Volt will make its production deadline in 2010 is still difficult to predict. However, the latest prototype appears to be advancing. This does indicate that GM is completing their objectives in a timely manner and is making progress.