Honda Motor Co. Chief Executive Toshihiro Mibe called the decisions “a switch in the planned course,” while stressing the long-term shift toward electrification remained unchanged, just pushed back in time.

Honda’s electrification plan involved a goal of having EVs account for 30 percent of car sales by 2030, but the automaker recently changed its mind. It now plans to draw down EV investments by 30 percent and will instead focus on expediting new hybrid vehicles.