Part 4/10:
Amid rising sales for plug-in hybrids, major automotive companies have begun pivoting away from an exclusive focus on electric vehicles. For instance, Volvo adjusted its earlier commitment to transition to all-electric offerings by 2030, now stating that both EVs and plug-in hybrids will account for 90% of sales going forward. Similarly, General Motors and Porsche have announced intentions to ramp up the production of internal combustion engines and hybrids, reflecting the lucrative nature of these models.
However, such decisions may signal a strategic misstep, especially as manufacturers in China are seizing market share predominantly through the sale of electric vehicles, quickly outpacing their Western counterparts in both innovation and cost reduction.