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.

Honda Motor plans to reduce its electric-vehicle investment by more than $20 billion through the fiscal year ending March 2031 from its original plan.

Honda said despite the shift in strategy, it still aims for all of its global new-vehicle sales to come from battery-electric of hydrogen fuel-cell models by 2040.