The Honda Motor Company announced Tuesday it will cut back on its previous investment plan for electric vehicle technology in response to its disappointment in the growth of the EV market.

The Japanese carmaker plans to reduce its investment in electric vehicles by more than $20 billion in the coming years as EV demand growth slows.

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.