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 is drastically reducing its electric vehicle (EV) investment plans and pivoting towards a strategy that emphasizes hybrid models. According to a report by the EV-focused media outlet InsideEV on Tuesday,

Honda has announced that it will reduce its investments in electric cars due to declining demand and focus on the growing demand for hybrid vehicles with new