GM will launch new plug-in hybrid electric vehicles in U.S. says CEO

General Motors (GM) is planning to launch plug-in hybrid electric vehicles (PHEV) CEO Mary Barra said on Tuesday. This change in GM’s vehicle strategy reflects the shifting market demand for electric vehicles (EVs).

Barra has not shared any details about these upcoming PHEVs but mentioned that the platform will be used in selected vehicles for North America.

A potential downstream in the EV market is also haunting big car makers, GM has already reduced some of its big expansion for future production lines. Ford is another car company that is playing safe on the future of EVs.

Chevy Blazer EV

GM is already using the PHEV platform for vehicles launched in China but Chevrolet Corvette is the only hybrid that is available in the U.S.

Last year, the Biden administration brought maximum emission reduction standards. This enabled car makers to account for 67% of EVs in their overall vehicle sales by 2032.

Barra said that GM is complying with federal goals to reduce emissions in the face of new “stringent fuel economy and tailpipe emission standards”.

“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 environmental benefits of EVs as the nation continues to build its charging infrastructure” Barra said during GM’s fourth-quarter and full-year earnings call.

The chief of a Detroit-based car company said that the EV pace is slowing down but she expects that the EV market could rise to 10% in 2024.

(via – CNBC)