General Motors has announced that it may discontinue the Hummer because of a drop in sales and the need for more cost-efficient options. In turn, the GM board has approved production of the Chevy Volt which could hit the market in late 2010.

Photo courtesy of General Motors

Price: Initial cars may be close to $40,000 but the goal is to be less than $30,000.
How it runs: It runs on electric power until the battery runs down. Then and only then does the internal combustion engine run to work an onboard generator that propels the car. Batteries can be recharged by plugging into your home electrical outlets.
Distance: It will run about 40 miles on electric and up to 400 miles with a full tank of gas.
MPG: No gas is used for the first 40 miles. Miles driven after will get an equivalent of 50 mpg.

Read more at Edmunds Inside Line and at the Chevy Volt Concept Site.