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.

Honda said Tuesday electric vehicle sales were slowing in the U.S., prompting the Japanese automaker to scrap its previous goal for EVs to be 30% of its global vehicle sales by 2030. Instead of the initial plan to invest 10 trillion yen ($69 billion) in an electrification strategy through the fiscal year ending in 2031,

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