Oil prices were already on the rise back then, and with newer litium ion technolgoy becomming mroe widely available to automakers, the project was given the green light.
However, I cwiuld conceed that the project might have been axed, if GM had gone through a conventional bankruptcy and the Obama administartion could have nudged it along. Various grants, incentives and tax credits on hybrids that were extended and expanded didn't hurt either.
The basic platform was based on a Opel design... as are most of GM's new vehicles since all of their old compact and midsied designs were badly outdated. They didn't even have a subcompact design. The old Aveo was built by Dawoo.