The biggest issue is the conversion of energy from one state to another. You lose at every step. And an ICE engine is the worst loser in the equation, about 30% efficient. If you take that mechanical energy and convert to electric, you lose another 10%. Run it to an electric motor (convert it back to mechanical energy, which is where you started), another 10% loss. If you're generating AC power and want to store it in batteries, you have to convert to DC which is a big loss. If you generate DC directly then the losses are even greater and you're limited in generator options to lower kW outputs.
You can not beat the energy of conservation law or the laws of thermodynamics. If it takes x hp to push an 8000 pound truck down the road at 60 mph, then you have to supply x hp. There are many ways to arrive at x hp. The most efficient method is the most direct.
You may speculate that a battery based, all electric vehicle is more cost effective. Maybe, if you are only using it travel a few miles a day. But the 'plug in' costs end up being similar to cost per mile of the same vehicle equipped with a small ICE engine of the same hp. Remember, you're taking a hit on that AC to DC conversion. And then there is the issue of very limited range. Go back to the Volt specs I posted earlier. If you only go 40 miles it appears you have done that for free, only run on batteries. If you drive it continuously until the 11 gallon tank is empty, you get a mpg rating of 53. Throw away all the battery junk and the mpg rating is 50. But if you plugged into the gridto charge the batteries to get that initial 40 miles, then the 3 mpg gallon improvement is simply smoke and mirrors. If you have your own solar or wind generation system and you plugged in there, then you would realize a 4/5th gallon of free travel, assuming you have already recovered the cost of installing those systems.
If you want high mileage, get a Prius or TDI. If you tow or haul real stuff, get a diesel truck. You'll have issues if you try to convert one into the other.