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

Since late 2023, an EV slowdown is getting more pronounced in the US, with Tesla, the market leader with over half of all EV sales in that country, consistently reporting its lowest quarterly earnings in over two years.

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.