TOKYO: Honda Motor said on Tuesday that it was scaling back its investment in electric vehicles given slowing demand and would be focusing on capturing growing demand for hybrids with new models.

CEO Toshihiro Mibe told a press conference the automaker has lowered its planned investment in electrification and software through the 2030 business year to 7 trillion yen ($48.4 billion) from 10 trillion yen previously.

It plans to launch 13 next-generation hybrid models globally in the four years from 2027.

Reuters