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.

Facing a fast-changing global auto industry, Honda is steering its future in a bold new direction. Recently, Toshihiro Mibe, the Global CEO of Honda Motor Co., unveiled a comprehensive realignment of the company’s automobile electrification strategy.

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