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 cuts electrification investment from ¥10 trillion ($69 billion) to ¥7 trillion ($48 billion). The focus shifts to hybrids, with 13 new models and a target of 2.2 million sales by 2030. It’s also working on advanced ADAS to enhance the competitiveness of both EVs and HEVs.

Honda is cutting its global EV investment by 30% and delaying its Canadian EV project, shifting focus to hybrid vehicles