General Motors announced Tuesday that its Chevrolet Volt electric car has been given an EPA rating of more than 230 miles per gallon - city and a average over 100 miles per gallon for city and highway combined.

The mileage tests were done using new fuel economy standards devised by the EPA for Plug-in Hybrid Electric Vehicles (PHEVs). Based on the new guidelines, the Volt would become the first mass produced vehicle to sport a gas mileage rating in the triple digits.

GM plans to debut the Chevy Volt in late 2010 as part of its release of 25 new vehicles by 2011.

The Volt can travel up to 40 miles on electricity only from just a single charge, based on prototype tests.

"From the data we've seen, many Chevy Volt drivers may be able to be in pure electric mode on a daily basis without having to use any gas," said GM Chief Executive Officer Fritz Henderson in a webcast.

According to the Department of Transportation nearly 80 percent of Americans have a daily commute below 40 miles.

GM expects the Volt to use about 25 kilowatt hours for every 100 miles of city driving, which works out to just under 3 cents per mile for its use.

To travel longer distances, especially for highway driving, the Volt's flex-fuel powered engine generator kicks in to power the battery, offering up to 300 more miles of travel.

The Chevy Volt may be GM's game-changer to recapture market share after its July bankruptcy. Set to retail at $40,000 it will likely take on the current mileage leading car, Toyota's Prius, a gas-electric hybrid that offers 51 miles per gallon.