Amid all the critical acclaim in the US surrounding Chevrolet’s plug-in hybrid electric vehicle – the Volt – General Motors (GM) has announced it is stepping up production in order to meet “high demand”.
The high demand that GM refers to is largely thanks to the Volt being crowned car of the year for 2011 by Motor Trend magazine and the motor company says that in order to meet demand, it is planning to build 10,000 models in 2011 and is aiming for 45,000 in 2012, according to Reuters.
Lithium ion battery
The Chevrolet Volt is powered by the car’s lithium ion battery pack and a four-cylinder combustion engine.
GM yesterday announced an increase in the estimated offering price of 365 million shares of common stock to $30 to $33 per share from the earlier range of $26 to $29 per share.