General Motors Corp. unveiled its restructuring plan on Monday, which may help it avoid filing for bankruptcy protection, focusing on new product developments including a confirmation of current development plans for its highly anticipated electric vehicle, the Chevy Volt.

The company said it will continue to make significant investments in future products and new technologies. GM said Volt production was on track and was set release for next year.

The firm plans to invest $5.4 billion in 2009 and from $5.3 to $6.7 billion from 2010 to 2014 in new technology and products, the company said in a statement today.

Very importantly, development and testing of the Chevy Volt extended-range electric car remains on track for start of production by the end of 2010 and arrival in Chevrolet dealer showrooms soon thereafter, GM said in a statement.

GM is currently being kept afloat by $15.4 billion in government loans and was required by the Federal government to make a restructuring plan by June 1.

Today the giant automaker said it would be slashing about 21,000 jobs and reducing its U.S. dealer accounts by more than 40 percent.

As part of its restructuring plan, GM will eliminate its Pontiac brand by the end of next year and focus on four core brands in the U.S., Chevrolet, Cadillac, Buick and GMC.

Additionally, GM is asking for an exchange worth about $27 billion in which the government would take more than half its stock in exchange for half of GM's government debt. If the restructuring doesn't satisfy the government, GM could go into bankruptcy protection.