Honda Motor (HMC) said Tuesday that the demand for electric vehicles is slowing and its global EV sales ratio target in 2030 is now anticipated to drop below the previous target of 30%.

The automobile giant is "reassessing" its EV strategy and roadmap, and has planned to cut down its EV investment to 7 trillion Japanese yen ($48.42 billion) from 10 trillion yen through fiscal 2031, the company added.

Honda said the market for hybrid EVs is "high" and it intends to sell 2.2 million HEVs by 2030, adding that it is currently developing its ADAS technology and will deploy it in its EV and HEV models it will roll out in North America and Japan by around 2027.

Additionally, Honda said the market for motorcycles is expected to "grow further" and it anticipates selling 60 million units by 2030.