Honda pulls back on EV strategy for now and will push hybrid sales

Honda says electric vehicle sales were slowing in the U.S., prompting the Japanese automaker to scrap its previous goal of having EVs reach 30% of its global vehicle sales by 2030. Instead of the initial plan to invest 10 trillion yen, or $69 billion, in an electrification strategy through the fiscal year ending in March 2031, Honda is reducing that investment to 7 trillion yen, or $48 billion). Chief Executive Toshihiro Mibe called the decisions “a switch in the planned course,” while stressing the long-term shift toward electrification remained unchanged. Honda will be more aggressive in producing hybrids instead.