The Chevrolet Volt is unveiled at a General Motors centennial celebration in Detroit, yesterday. General Motors launched its next 100 years today by unveiling the much-anticipated production version of the Chevrolet Volt - a vehicle that delivers up to 40 miles of gasolene - and emissions-free electric driving, with the extended-range capability of hundreds of additional miles. - AP

DETROIT (AP):

General Motors Corp chairman and CEO Rick Wagoner unveiled the automaker's long-awaited electric car Tuesday and said the turmoil in financial markets should not affect government loan guarantees that would help the US auto industry develop high-tech cars.

Speaking to reporters at GM's 100th anniversary celebration, Wagoner said the US$25 billion in loans were approved last year as part of an energy bill and should now be funded to help the industry build next-generation automobiles and meet government fuel economy standards.

"Really a relatively small fraction of the investment the industry will have to make to achieve these improvements was to be provided for by direct loans," Wagoner said. "We're just asking that those loans now be funded and that the rules and procedures to be able to draw against those loans be finalised promptly."

GM, Ford Motor Co and Chrysler LLC have been working to get Congress to fund the loans after months of tight credit markets, tepid sales and high gasolene prices.

Wagoner showed off the production version of the Chevrolet Volt, which will be able to go 40 miles (65 kilometers) on a single charge from a home outlet.

Starting second century

"General Motors' second century starts right now," he said as GM Vice-Chairman Bob Lutz drove the four-passenger sedan onto a stage at the automaker's world headquarters.

GM said the Volt will cost about 80 cents to fully charge at a rate of 10 cents per kilowatt-hour, which is about the national average. After that, the batteries will be recharged by a small gasolene engine that allows the car to travel hundreds more miles. GM said the engine will be capable of running on E85 ethanol, a blend of 85 per cent ethanol and 15 per cent gasolene.

"It's proof that the century-old General Motors is alive and well and that it intends to lead in reinventing the automobile," Wagoner said.

The four-passenger sedan will have a driver-configurable liquid-crystal instrument display and touch-screen style climate, information and entertainment controls, GM said. It will also include standard Bluetooth wireless connectivity for a cellular phone and music streaming.

The Volt is due in showrooms by late 2010. GM hasn't announced pricing, but it's expected to cost between US$30,000 and US$40,000.