The Volt will cost £28,545 because it qualifies for the government’s plug-in grant for electric cars. However, the Volt offers a range of over 350 miles compared to the limited 100-mile range of most electric vehicles (EVs).
This is because the Volt uses an extended range electric system which uses an electric motor powered by a battery for between 30 and 50 miles.
Once the charge runs out, a small petrol engine is capable of charging the battery and allowing the car to continue to be powered by the electric motor.
Chevrolet says this will allow shorter journeys to use purely electric power, but longer journeys can be undertaken by simply filling up the car with petrol.
Chevrolet has also hinted at some of the interior specifications of the Volt, which will include a full leather interior as standard.
The car has been named North American Car of the Year because of the solution to the range-anxiety problem and the five-door hatchback will make its UK debut in 2012.
For many, it will look familiar because it is based on Vauxhall Ampera, which uses the same means of propulsion and is set for the UK market in 2012 at a similar price.
Chevrolet UK Managing Director, Mark Terry, believes the car will remove range anxiety completely when it arrives. He said: "The Volt is a truly incredible car – the first ever compromise-free electric car with zero-emissions capability.
"You can use it for going to work and back during the week without ever putting fuel in, but it’s also an electric car that you can use for a family holiday."
The Chevrolet Volt is currently being displayed alongside the likes of the Camaro muscle car at the Goodwood Festival of Speed.