There are a few things in Jalopnik's analysis that I think are flawed.
One, the Volt is crap. It only gets around 50mpg and has a 40 mile battery. It's only suitable for daily commuting.
Two, the Japanese auto manufacturers used the model that Jalopnik pooh-poohed quite successfully -- they took a sizable loss leader, and took a large part of the market from the US auto industry. The difference was execution -- the American companies relied on patriotism to sell cars, the Japanese just built better (or more market-appropriate) cars.
http://jalopnik.com/5569882/inside-the-secret-178-million-te...
The IPO prospectus is available here:
http://www.retailroadshow.com/roadshows.asp