New Delhi, Oct. 14 -- The global electric vehicle (EV) boom is losing steam. After years of ambitious all-electric pledges, major carmakers are scaling back and embracing hybrids as policy shifts, costs, and consumer hesitation reshape the industry's future.

According to BloombergNEF's annual Electric Vehicle Outlook report, EVs will make up one in four global car sales this year, yet growth will be uneven. China dominates, with over half of new cars sold being electric, while the U.S. and Europe face slowing demand and political uncertainty. Emerging markets like Vietnam and Thailand, meanwhile, are seeing record growth thanks to affordable EVs.

Automakers that once promised fully electric lineups are rebalancing strategies to include ...