EV, Honda and Hybrid
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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.
The Honda Motor Company announced Tuesday it will cut back on its previous investment plan for electric vehicle technology in response to its disappointment in the growth of the EV market.
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.