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.

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,

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).