Can the Chevy Volt Recharge General Motors?

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The Chevrolet Volt, GM's new electric car, on the production line at the Detroit Hamtramck assembly facility.

Roy Ritchie for TIME (Via

Two weeks ago, GM unveiled its long-awaited and much-hyped electric Chevy Volt, just one of a fleet of electric cars that will soon be whirring through your neighborhood.

Now, the price has been set for how much it will cost your wallet to obtain the green phenomenon. The AP reports that the Volt will run for $41,000 when it hits dealers’ showrooms in November 2010. GM also plans to offer a $350-per-month lease deal, which is equivalent to its primary competitor, the Nissan Leaf. While the Leaf’s baseline cost is $8,000 less than the Volt’s asking price, buyers of either vehicle stand to benefit from a friendly $7,500 federal tax credit.

TIME’s Brian Dumaine takes a look at how these battery-powered vehicles, charged in your wall outlet like some oversized cordless power tool, will revolutionize not only the auto industry but also the way Americans live and drive. (Via

(Also, see five electric cars that you should try, lease or buy. Or, check out the history of the electric car.)