General Motors has all but bet its future on the Chevrolet Volt, but the government says the range-extended electric vehicle won't save the beleaguered automaker.
"While the Volt holds promise, it likely will be too expensive to be commercially successful in the short- term," President Obama's auto task force said in its assessment of GM's restructuring plan.
The panel soundly criticized the restructuring plan GM submitted as part of its request for a federal bailout, saying it relies on unrealistic and overly optimistic projections. The task force believes GM can become a competitive automaker, but only by shaking up its management - which is why Obama essentially fired CEO Rick Wagoner - and accelerating its restructuring.
"A great deal of progress needs to be made," the panel said in its five-page summary (.pdf) assessing GM's proposal, "and GM's plan contemplates initiatives that will take many years to complete."
Among them is the Chevrolet Volt, which the White House calls too little, too late and too expensive.