What number must be low? The 340 miles of travel that GM itself stated the Chevy Volt would travel? If anything GM's numbers are going to be high in order for better marketing. I'd be really surprised if the Volt could actually travel the full 340 miles without hypermiling.
I don't see how it makes any difference what the battery's doing. The point is that it takes about 9 gallons of gas plus the electricity to charge the battery to travel 340 miles. Even if electricity were free (which it isn't), then you're looking at 37.78 mpg, which isn't much more mileage than larger, non-hybrid sedans like the Camry (33 mpg highway).
IMHO, the Volt is a lame duck right out of the gate because Chevy PR team doesn't know which way they should spin the car. The Volt would have a fighting chance if it is design as a small sub-compact commuter or a high performance sport sedan that sacrifice a bit of fuel for performance, but in this case Chevy failed because there isn't a market for it as the data below indicates.
Prius: 51 MPG city/48 MPG highway/50 MPG combined
Civic: 40 MPG city/45 MPG highway/42 MPG combined
Insight: 40 MPG city/43 MPG highway/41 MPG combined
Milan: 41 MPG city/36 MPG highway/38.5 MPG combined
Fusion: 41 MPG city/36 MPG highway/38.5 MPG combined
Lexus HS 250H: 35 MPG city/34 MPG highway/35 MPG combined
Goft/Jetta TDI: 30 MPG city/42 MPG highway/34 MPG combined
Audi A3 TDI: 30 MPG city/42 MPG highway/34 MPG combined
Camry: 33 MPG city/34 MPG highway/34 MPG combined
Altima: 35 MPG city/33 MPG highway/34 MPG combined
Volt: average 33.7 MPG
Mariner: 31 MPG city/35 MPG highway/33 MPG combined
Ford Escape: 34 MPG city/31 MPG highway/32.5 MPG combined
Yaris: 29 MPG city/36 MPG highway/32.5 MPG combined
Fit: 28 MPG city/36 MPG highway/32 MPG combined
Rio: 28 MPG city/34 MPG highway/31 MPG combined