Honda has canceled its plans for a large electric SUV set to launch in 2027, which was among seven models planned by 2030. The decision reflects a reduction in EV investment, with funds redirected towards hybrids. The cancellation aligns with a broader strategy amidst declining EV demand in the U.S. and the elimination of federal tax credits. Honda's initial investment was cut from $68.7 billion to $48.1 billion, showing a shift in focus towards hybrid models, which are increasingly favored in various markets.
Honda has reportedly canceled its plans for a large electric SUV that was to debut in 2027, one of seven EV models expected by 2030.
The decision to pull the large electric SUV comes in the wake of slumping EV demand and the expiration of significant federal tax credits for EV buyers.
Honda is cutting its overall EV development budget from $68.7 billion to $48.1 billion, redirecting funds to improve hybrid technologies that are gaining popularity.
The cessation of the large SUV plan signifies a strategic pivot by Honda to prioritize hybrid development in response to changing market demands and profitability concerns.
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