These new plans see Honda focusing on electrification, but revised sales targets see hybrid vehicles (HEV) making up the lion’s share of sales, while targets for electric vehicl

Honda Motor Co. Chief Executive Toshihiro Mibe called the decisions “a switch in the planned course,” while stressing the long-term shift toward electrification remained unchanged, just pushed back in time.

Originally aiming for EVs to comprise 30 per cent of its global vehicle sales by 2030, Honda has now abandoned that target. The company also trimmed its planned investment in electrification from 10 trillion yen (USD 69 billion) to 7 trillion yen (USD 48 billion) by the fiscal year ending 2031.