Honda is backing away from its aggressive electric vehicle (EV) ambitions, citing a cooling U.S. market and growing global uncertainty.

At the company’s annual business briefing in Tokyo on May 20, Honda CEO Toshihiro Mibe revealed plans to erase nearly 30% of its original multi-trillion-Yen investments, dialing down its EV and software research and development budget from ten trillion yen (~$68.97 billion) to seven trillion yen (~$48.28 billion).

Honda says electric vehicle sales were slowing in the U.S., prompting the Japanese automaker to scrap its previous goal of having EVs reach 30% of its global vehicle sales by 2030