Proactive Investors - Polestar (NASDAQ:PSNY) and Hyundai are the latest carmakers to signal changes as the industry grapples with slowing electric vehicle demand.
Hyundai (LON:0538q) unveiled plans to double the number of hybrid models it offers to 14 on Wednesday.
Polestar, meanwhile, announced chief executive Thomas Ingenlath would be replaced by Michael Lohscheller after having taken the helm in 2017.
This comes after data in recent weeks has shown stagnating demand for new EVs in the US, UK and Europe, placing targets in the latter two for a phase-out of petrol and diesel cars by 2035 in doubt.
Hyundai said its move would aim to “address the EV deceleration by expanding its hybrid and new extended-range EV offerings”.
EV models will then be “gradually” ramped up by 2030, “when a recovery in demand is expected,” the company added, following the likes of Ford, Porsche (ETR:P911_p) and Mercedes in making similar moves
Outgoing Polestar boss Ingenlath previously slammed drivers for not making the switch in an interview.
“I see far too many people hesitating with that and being scared of change,” he said,” that is just not a good recipe for the future”.