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 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 said despite the shift in strategy, it still aims for all of its global new-vehicle sales to come from battery-electric of hydrogen fuel-cell models by 2040.