Only 3% of sales are hybrids. Why bother?
With that hard to fault logic, GM and Volkswagen Pull the Plug on Hybrid Vehicles.
"If I had a dollar more to invest, would I spend it on a hybrid? Or would I spend it on the answer that we all know is going to happen, and get there faster and better than anybody else?" GM President Mark Reuss said in an interview.
GM's view contrasts with other auto-making giants, including Toyota Motor Corp. and Ford Motor Co. which are working on full electrics but also expanding their U.S. hybrid offerings. The differing strategies show a division within the auto industry over what is the best path to full electrification, as manufacturers pivot from their more than century-old reliance on gas-powered vehicles.
Last week, Continental AG, one of the world's biggest car-parts makers, said it would cut investment in conventional engine parts because of a faster-than-expected fall in demand—yet another sign the industry is accelerating the shift to electric vehicles.