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.

Honda is rethinking its playbook when it comes to electric vehicles and the software that powers them.Honda says the market for EVs isn't quite what was initially projected; instead, the automaker plans on bringing even more hybrid models to market—I am Soichiro's complete lack of surprise.

The automaker cites a market slowdown as it cuts its planned investment, but a couple of futuristic EVs are still in the works.