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 announced on Tuesday that it will scale back its ambitious electric vehicle (EV) targets, citing slower-than-expected sales in the U.S. market. The Japanese automaker revealed that it would no longer aim for EVs to account for 30% of its global sales by 2030.

Honda Motor Company has announced a significant revision to its electric vehicle (EV) strategy in response to an EV slowdown in global demand. The company has reduced its target for EV sales from 30 per cent to 20 per cent by 2030.