It's supposed to manage 40 miles on batteries alone, then can do a couple of hundred on "gas backup".
Yes. Should be about 400 total miles. The generator on the Volt powers the electric motor to move the car. It does not charge the battery past a minimum charge level. The only way to charge up the battery in the Volt is to plug it in.
Once you have done the 40 all electric miles, you are running on gasoline via the generator. The battery is kept at minimum charge only, and is only briefly used when extra power is needed, such as to climb a steep hill or to help briefly if you need max acceleration
To explain it further, if you ran the Volt to it's full range, starting with 40 all electric miles, and continuing until it ran out of fuel, when it quits running, the battery will still be in it's depleted state and unable to move the car.