Yes, they would have. Even if the EV1 was kept around, the fact is the executives focused on the highest profit models, which were large trucks and SUVs. They ignored the small and medium sized markets. Once the gas prices shot up, GM didn't have any small and medium sized fuel efficient cars. If GM had kept the EV1 around, they would have neglected it as well, so it would not have gotten more efficient batteries or motors nor would it have gotten a redesign until gas shot up, and then it was too late.
The end result would have been the same: many large, inefficient vehicles sitting around on GM lots and too few efficient models to turn a profit.
