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After years of exponential growth, sales of electric vehicles in Australia are faltering, while interest in hybrid vehicles has taken off. With the phase out of government subsidies, electric vehicles are still too expensive for some drivers and they're concerned about range anxiety, with recharging infrastructure still being built. It's a trend that's playing out globally, with major car manufacturers like Ford, General Motors and Volkswagen scaling back their electrification plans. Volvo has also amended its ambitions. While the car maker has scrapped a global target to go fully electric by the end of the decade, it's keeping its target of offering only EVs in Australia by 2026, as long as demand holds up. There's also a risk state governments will miss their targets, but the industry hopes the national vehicle efficiency standard, which comes in next year, will boost uptake. #ABCBusiness Subscribe: http://ab.co/1svxLVE ABC News provides around the clock coverage of news events as they break in Australia and abroad. It's news when you want it, from Australia's most trusted news organisation. For more from ABC News, click here: https://ab.co/2kxYCZY Watch more ABC News content ad-free on ABC iview: https://ab.co/2OB7Mk1 Go deeper on our ABC News In-depth channel: https://ab.co/2lNeBn2 Like ABC News on Facebook: / abcnews.au Follow ABC News on Instagram: / abcnews_au Follow ABC News on X (Twitter): / abcnews Note: In most cases, our captions are auto-generated. #ABCNews #ABCNewsAustralia