For the past 20 years, those who use cars for transportation have begun to consider another option for their everyday lives: the electric vehicle. Switching from a traditional vehicle to an EV could solve quite a slate of problems.

Honda Motor said on Tuesday that it was scaling back its investment in electric vehicles given slowing demand and would be focusing on capturing growing demand for hybrids with new models.

Honda Motor (NYSE:HMC) said on Tuesday that it was scaling back its investment in electric vehicles due to weakening demand and would instead shift focus toward meeting rising demand for hybrid models with new offerings.