Honda plans a $20 billion pivot to hybrids
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The Japanese carmaker plans to reduce its investment in electric vehicles by more than $20 billion in the coming years as EV demand growth slows.
Honda said it will focus on its next-generation Hybrid EVs to be introduced into market from 2027 onward, after dropping proposed investment in EVs to 7 trillion yen, or $48.3 billion.
TOKYO -- Honda Motor will scale back its electrification strategy, lowering planned investment through the fiscal year ending March 2031 by 30% to 7 trillion yen ($48.5 billion), the automaker announced Tuesday.