The Honda Motor Company announced Tuesday it will cut back on its previous investment plan for electric vehicle technology in response to its disappointment in the growth of the EV market.

TOKYO -- Honda Motor will scale back its electrification strategy, lowering planned investment through the fiscal year ending March 2031 by 30% to 7 trillion yen ($48.5 billion), the automaker announced Tuesday.

The automaker said it will likely miss its previous goal of having 30% of all car sales come from EVs in 2030.