Honda Motor (HMC) said Tuesday that it is postponing its plan to invest roughly 15 billion Canadian dollars ($10.73 billion) to build an electric vehicle value chain in Canada by about two years, citing a slowdown in EV demand.

"Honda will announce the specific timing of the resumption of the project once it has been finalized, while keeping a close eye on further market demands," the company said.

Honda shares were down 4.8% in recent premarket activity.