(CNN)– Honda is pumping the brakes on its electric vehicle production. The automaker says it will cut investments into EV’s by around $20 billion over the next few years. Honda is now reviewing the timing of construction of dedicated EV plants given weaker-than-expected demand for those vehicles.

Honda revises EV strategy, prioritizes hybrids, ADAS, cost efficiency, and sustainability, aiming for carbon neutrality and safer mobility by 2050.

The Japanese automotive giant says it now expects around 20 per cent of its car sales to be electric by 2030, rather than 30 percent, amid dwindling demand.