Vice Chairman of General Motors [NYSE: GM] Bob Lutz revealed a few uninspiring details about his company's Chevy Volt series of hybrid electric plug-in vehicles today. Speaking to the Seattle Times, Lutz mentioned that the vehicle's price point will be closer to $40,000 than the $30,000 Chevy originally estimated when it announced the car. Perhaps to make consumers feel better, Lutz also asserted that GM would make no money on the first generation of Volts, hoping instead to establish the vehicle as a loss leader. He also reassured potential buyers by explaining that federal and state tax incentives currently proposed could net plug-in hybrid buyers tax credits of up to $7,000 if passed.
While Lutz seems to think that plug-in cars are the best viable alternatives to gas vehicles, he estimated that by 2025 only half of all vehicles sold will be either electric or hydrogen. With the present rate of increase in gas prices, that prediction sounds like a lowball, but only time will tell. Interestingly, it isn't greenhouse gases that have Lutz convinced that electric cars could be an industry panacea; he's been quoted as calling global warming a "crock of shit." Instead, the Vice Chair of the world's number two automaker believes that escaping our dependence on foreign oil is the real priority.