Enlarge (credit: Honda)

Global carmakers are stepping up their investment in hybrid technologies as consumers’ growing wariness over fully electric vehicles forces the industry to rapidly shift gear, according to top executives.

A combination of still high interest rates and concern over inadequate charging infrastructure has chilled buyers’ enthusiasm for fully electric cars, prompting a rebound in sales of hybrid vehicles that most of the industry had long regarded as nothing more than a stop-gap.

Tapping the resurgent demand for hybrids was a priority, executives from General Motors, Nissan, Hyundai, Volkswagen and Ford told the Financial Times’ Future of the Car Summit this week.