Yes. Acceleration and hill climbing would be worse than with the original engine. I think it would still do 100km/h though. But you'd get better overall acceleration and performance with a 2:1 gear reduction than without it.
If you could put on two motors (one front and one rear) you could do quite nicely. Especially with about a 7:1 total gear reduction. The only problem is that the gear reduction boxes I've seen are very expensive. I wonder If you could get some sort of a differential with 7:1 gears. Then get two of them and put two motors in.
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