Hybrids Will Be Money Losers at GM, Says Lutz
ORLANDO, Fla. -- General Motors Co. Vice Chairman Bob Lutz on Friday said the auto maker will probably always lose money on hybrid vehicles, which he expects will never comprise more than 10% of the U.S. auto market.
Money lost on hybrids, which are required under new, stricter U.S. fuel-economy regulations, will force GM to increase the cost of other vehicles, Lutz said.
"GM will lose money on hybrids," he said, speaking at an industry event in Orlando. "We will continue to build them--they are required by (Corporate Average Fuel Economy regulations)--and the cost will be spread across other cars."
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