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Yes, it's regenerative braking on an AC drive system.
The motor always tries to spin at the speed the throttle is at. If you let off the throttle suddenly, it tries to slow down fairly quick.
One time that I drove with him, I noticed that the regen did MOST of the braking coming to a traffic light. He only used the service brake after being significantly slowed down, and to hold the car once it was stopped.
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