Honda pulls back on EV investment

(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.

It says it will likely not reach a 30% EV sales goal by the end of the decade.

The automaker says changes in trade policies and environmental regulations have stunted EV growth among car buyers.