Honda scaled back investment plans and lowered sales targets for electric vehicles, as consumer demand remains lackluster and environmental regulations are weakened in major markets abroad.
The Japanese automaker will now only invest ¥7 trillion ($48.3 billion) in EVs and software in the long term, Chief Executive Officer Toshihiro Mibe said Tuesday, a sizable drop from the ¥10 trillion it announced last year.
"EV investment hasn’t been abandoned, just pushed back,” Mibe told reporters during an annual business update.
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