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GM would love to produce a plug in hybrid, but no battery economically available will meet the demands, yet. The secret to the current Toyota/Honda hybrids is that they're very gentle on their batteries. A plug in hybrid is brutal on batteries, fully charged to fully depleted in plug in mode, murder on batteries.
I think the potential publicity for a plug in hybrid sorta' snuck up on GM and they decided it should be introduced as a more mainstream GM offering, hence the Volt. I don't see anything more than a business decision in that.
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