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A VM with 2 vCPUs has access to and uses 2 vCPUs at all times. vCPUs are mapped to pCPUs/cores by the hypervisor. vCPUs of different VMs can share a single core but it is the hypervisor's choice to do the mapping:

Example: VM A: vCPU A1, vCPU A2 VM B: vCPU B1, vCPU B2 Hypervisor: Core C1, C2 (single socket, dual core system)

In this case the hypervisor has to choice but to run 2 vCPUs per core, for example A1 and B1 on C1 while A2 and B2 on C2. vCPUs share time on cores.

Hope that helps.