As demand for EVs has slowed considerably this year, automotive companies are pulling back on EV production while accelerating the development of hybrid cars.
Major car companies like General Motors have laid off 2,000 employees in light of cost-cutting measures necessary for adjusting to changing market conditions.
As car companies restructure, shifting focus towards hybrid cars may help them generate profits while still committing to long-term EV goals in a volatile market.
General Motors' decision to trim $2 billion in costs highlights the urgent need for automotive manufacturers to adapt their strategies to current financial pressures.
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