GM to release plug-in hybrid vehicles, backtracking on product plans
Summary
DETROIT – General Motors is changing its product lineup strategy to include plug-in hybrid electric vehicles, CEO Mary Barra told investors Tuesday. Barra did not disclose specific details of the plans other than that PHEVs, which include an internal combustion engine along with battery technologies, will be rolled out on "select vehicles" in North America to assist in meeting more stringent federal fuel economy regulations. More companies are reconsidering the viability of hybrid vehicles to appease consumer demand and avoid costly penalties related to those federal fuel economy and emissions standards. "Let me be clear, GM remains committed to eliminating tailpipe emissions from our light-duty vehicles by 2035, but, in the interim, deploying plug-in technology in strategic segments will deliver some of the environment or environmental benefits of EVs as the nation continues to build this charging infrastructure," Barra said during the automakers quarterly and 2023 earnings call. The Detroit automaker previously planned to forgo plug-in hybrid vehicles and move all of its traditional cars and trucks with internal combustion engines to all-electric models for consumers.