The new plug-in hybrid comes with an estimated range of 400 miles, 50 of which can be travelled on electric power alone.
For the second-generation Volt, Chevrolet has lowered the weight of the battery pack by almost 10kg, while the two-motor drive unit operates up to 12 per cent more efficiently than the outgoing car's.
The electric motors are coupled to a 1.5-litre petrol engine that develops 74bhp. When combined with the electric motors, the Volt's total output is raised to 118bhp, enough to cover the 0-60mph sprint in 8.4sec and give the Volt a top speed of 98mph. The new Volt should be capable of returning a combined 102mpg.
Charging time from a standard 13-amp socket is placed at 13 hours, while a fast charger drops that to four and a half hours.
The second-generation Volt is one of five new Chevrolet models coming in 2015.
Speaking at the unveiling of the new model, GM's North America boss, Alan Batey, said Volt drivers typically travel around 970 miles between fill-ups, using EV mode for 80 per cent of that time. All in, current Volt owners have travelled 650 million miles in EV mode, saving an estimated 34 million gallons of petrol.
Describing the new model as being "simply better in every way", Batey said the Volt would come with a simplified, more contemporary interior, a more muscular design and advanced battery technology.
The Volt was first previewed at the recent Consumer Electronics Show in Las Vegas, where its front-end design was revealed to visitors.