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Chevy Volt batteries may be leased

GM considers renting the battery packs to make the electric car more affordable overall, according to a story in The Financial Times.

General Motors may lease the battery packs for its Chevy Volt electric car to make it more affordable, according to a news report.

The Volt is unveiled at the 2007 Detroit auto show. CNET Networks

GM's electric car will take lithium-ion batteries which are known to be expensive and have a limited lifespan compared with the life of a car.

Bob Lutz, GM's global product chief, has said that the company hopes to make the car available in the $30,000 price range.

While GM has several leading battery technology developers and manufacturers onboard in its effort to build an affordable, long-range rechargeable battery for the car, critics have pointed out that the price point could be a challenge given the technology needed to go into it.

To achieve that price point, GM may rent the battery packs needed to run the Chevy Volt, The Financial Times has reported.

GM announced in early August that the company will be ready to test the Chevy Volt in spring 2008 and is still on track for a late 2010 sales availability.