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.

At the company’s annual business briefing in Tokyo on May 20, Honda CEO Toshihiro Mibe revealed plans to erase nearly 30% of its original multi-trillion-Yen investments, dialing down its EV and software research and development budget from ten trillion yen (~$68.97 billion) to seven trillion yen (~$48.28 billion).

Last year, Honda announced it expected to move somewhere around 2 million EVs over the next two years. That projected figure now sits at around 700,000 to 750,000 units. According to Automotive News, hybrid sales could instead skyrocket to over 2 million during the same time frame.