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.

The automaker cites a market slowdown as it cuts its planned investment, but a couple of futuristic EVs are still in the works.

Honda Motor Co. scaled back investment plans and lowered sales targets for electric vehicles, as consumer demand remains lackluster and environmental regulations are weakened in major markets abroad.