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GM bets on electric vehicles amid rising hybrid demand
General Motors is facing a decline in its U.S. market share as demand for hybrid vehicles increases, now accounting for about 19% of car sales in August, amid a 40% rise in fuel prices since the start of the war with Iran. While the company is focusing on electric vehicles, trucks, and high-margin SUVs, the Chevrolet Corvette hybrid remains the only hybrid model in the United States, prompting customers to turn to competitors offering a wider range of hybrid options. The company believes that a direct shift to electric vehicles is the best long-term strategy, despite delaying the launch of plug-in hybrid models until 2027, which puts it at a disadvantage compared to competitors like Toyota and Honda, who are expanding their offerings in the rapidly growing hybrid car market.
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