General Motors was said to be targeting the $40,000 mark for its revolutionary new Chevy Volt electric car, and according to insider info provided to Bloomberg, that’s roughly how much the car will cost when official pricing is announced later today. GM’s new marketing boss, Joel Ewanick, is set to officially announce the dollar amount at a noon press conference (Eastern Time) in San Jose, California. The Volt is also expected to qualify for a $7,500 rebate under current government subsidies.
Priced significantly higher than cars like the Nissan Leaf (at roughly $32,000) the Volt isn’t hampered by the limited range of an electric only engine, offering 40 miles of electric plug-in power before the gasoline engine kicks in to recharge the electric batteries and provide an additional 300 miles of distance.
The Volt will go on sale later this year in certain markets including Texas, New York, California and Washington, D.C. with GM planning to build and deliver 10,000 Volts in 2011.