Electric Cars Hit the U.S. Road
General Motors not only celebrated the largest IPO in U.S. history, but also marked its rebirth as a private company with the launch of its car of the future: The Chevrolet Volt. An electric car with a gasoline-powered backup system that kicks in after about 40 miles of driving, the Volt is GM's attempt to democratize the electric vehicle. Priced above $40,000, the Volt is expensive, but federal and state tax incentives make it more affordable, particularly when you factor in savings on gas and maintenance.
But the Volt is not alone. There are several new electric cars hitting the market, including the Nissan Leaf, a more modern-looking and fully electric car that is racing GM to the electric power outlet. And It costs almost 20% less than the Volt (about $33,000), qualifies for the same lucrative tax credits and is virtually maintenance free (there's no need to change the oil on an electric engine).
The entry of these mass market vehicles into the U.S. car market is just the first major milestone in the electrification of the U.S. car fleet, but it's an important one nonetheless.