Honda said Tuesday electric vehicle sales were slowing in the U.S., prompting the Japanese automaker to scrap its previous goal for EVs to be 30% of its global vehicle sales by 2030. Instead of the initial plan to invest 10 trillion yen ($69 billion) in an electrification strategy through the fiscal year ending in 2031,

Honda CEO Toshihiro Mibe is adjusting his company’s course after recent events drastically altered the global outlook for combustion and electric vehicles. During the company’s annual business briefing,

The automaker cites a market slowdown as it cuts its planned investment, but a couple of futuristic EVs are still in the works.