Fritz Henderson, GM’s Chief Executive, remarked at a news conference today that “Our Chevrolet Volt extended range electric vehicle will achieve unprecedented fuel economy. I’m confident that we will be in triple digits.”

Triple digits indeed, if it can be believed. According to Autoblog, Frank Weber, vehicle chief engineer for the Volt, said that the “[230mpg] number is based on combined electric only driving and charge sustaining mode with the engine running.” It is based on city driving. He declined to get specific about the proportions, but did say that the urban cycle would be predominantly EV only.

The Volt can go 40 miles without using any gas by running on its electric motor. The average American commutes less than 40 miles per day, so on many days using the Volt will result in no gasoline consumption. Fritz also remarked that in Detroit, the car’s battery could be recharged overnight for $.05 per kilowatt hour, or a total of 40 cents. (GM webcast link after the jump).

The EPA is currently trying to revamp their formulas to more accurately represent real world driving so consumers will have a better idea of what to expect they could achieve in fuel efficiency. More time and information is needed to see if the new rating system the EPA will use is accurate. Details are murky at the moment on the calculations the EPA uses and on how the Volt could reach 230MPG. Should the Volt actually receive such a verified rating from the EPA, it would be the first car ever to get rated in the triple digits.

GM says it is building 10 Volts a week and has 30 on the road which they are testing in various conditions. The race is on to make an affordable, reliable, and “cool” plug-in vehicle. In the development process, many companies are finding that there are still technological barriers to producing an electric vehicle that can really compete with the standard internal combustion engine, including the very successful hybrid maker Toyota. The verdict is still out on the Volt. For a company that has been battered to bankruptcy, will the Volt be the final nail in GM’s coffin or the start of a new era of dominance?

The official GM webcast can be found here.

- Justin Manger