General Motors plans to build hybrid versions of the Chevrolet Traverse, Buick Enclave and GMC Acadia, according to people familiar with the matter. The shift follows heavy investment in electric vehicles and a market share slide this year.
GM plans to introduce hybrid versions of its three-row SUVs, a strategic shift after heavily investing in electric vehicles, according to people familiar with the matter. The timing of the planned hybrid models couldn't be learned.
The automaker plans to build the hybrids at a factory in Lansing, Michigan, the people said. Combined, those mechanically similar models are among GM's strongest sellers in the US.
Barra says hybrids are coming
GM CEO Mary Barra told analysts on the company's earnings call last week that the automaker would have hybrids in multiple segments. According to Reuters: "We will have hybrids. They’ve already been added."
Barra said the hybrids won't require additional capital expenditures and engineering. She added that GM will talk more about them closer to launch.
Market share slips as hybrid rivals gain
US hybrid sales have taken off this year as car shoppers seek relief from higher gas prices. GM, which only sells a hybrid version of the Chevy Corvette in the US, has lost market share, while strong hybrid players like Toyota have gained.
GM's U.S. market share dropped to 16.6% in the first nine months of the year, from 17.4% a year prior. Toyota and Honda gained over the same period.
Dealers press for hybrids
Dealers have complained about the automaker's lack of hybrids. They have been pressing the company to add them, including during recent regional meetings with GM sales executives, according to dealers who attended.
GM executives in the past have said that hybrids add too much cost and complexity, and that they preferred to invest in EVs.
Source: Investing.com
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