Well yea, if you include the governments contribution they spent over 1 million per EV1 produced. Look only at material costs and labor you can get ~80k each, but cost to GM per unit is really a question of: (how much GM spent on the program) / (number produced).

Anything else is subject to spin as for example it costs money to setup a factory making just (parts) + (labor costs) overly optimistic. Similarly marketing and sales costs can easily inflate unit costs to make it look worse.

On the other hand if GM could have used current battery technology and current battery costs they may have tried to make it work. But, it was clear at the time it was going to fail so they had fewer incentives to keep costs down.