Honda says electric vehicle sales were slowing in the U.S., prompting the Japanese automaker to scrap its previous goal of having EVs reach 30% of its global vehicle sales by 2030

TOKYO (AP) -- 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 is reducing that investment by 3 trillion yen ($21 billion) to 7 trillion yen ($48 billion).