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GTE/GTLM exists so factories can have a class in which to compete against other factories ...
And those street cars ... i doubt most of them would last a sprint race, and forget a serious endurance race.
In some cases the GTE versions have less power ... but they are race cars. They can run at sprint speed for 24 hours, they can protect the drivers in high-speed crashes, they are designed so major components can be changed or repaired at high speed .... A street-legal, showroom-stock 488 couldn't keep up with a GT3 or GTE at all.
Also ... GTE cars are built to controlled specs so manufacturers know they will have a fair playing field---whether an oversized boat like the BMW or an everyman's car like the Corvette, or a serious sports car like the Ferrari.
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