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The Markets
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Proactive UK has moved.
Coverage of London’s small caps continues on proactiveinvestors.com
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The Markets
by Proactive
Proactive UK has moved.
Small-cap coverage continues on .com
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The Markets
by Proactive
Proactive UK has moved.
Small-cap coverage continues on .com
Go to Proactive UK

Manufacturing & engineering

EV demand slowdown sees Hyundai turn to hybrids, Polestar switches boss

Polestar and Hyundai are the latest carmakers to signal changes as the industry grapples with slowing electric vehicle demand.

Hyundai 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 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”.

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