That "120 mpg" is meaningless. It's a amalgamation of two different things that, logically, do not blend. Your batteries are not changing the efficiency of the gasoline engine, at least ... not how GM is trying to mean. The engine actually only gets about 43 mpg tops.
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I can state I drive 2000 mpg or 20 mpg.
With my mitsubishi I drove 30 mpg on average.
That's my use of the car in my situation.
The Skoda promises 40 mpg on average.
We'll see.
Oh really? It has the world's most efficient ICE ever built, by several orders?
Well, no ... it also has a propulsion battery ...
Ahhhh. So the engine DOES NOT get 120 mpg ...
The number is also meaningless because you could drive the Volt without ever using the engine. In which case it gets ... infinity miles per gallon? Null result illogical miles per gallon? Oh wait, then you'd have to switch to kwh per mile.