Mazda cuts electrification investment by 300 billion yen, delays in-house EV launch by about two years amid shrinking demand

Mazda will cut its 2022-2030 electrification investment from 1.5 trillion yen to 1.2 trillion yen.

The automaker plans to delay its own EV launch by about two years, to lower its 2030 EV sales target, and to expand hybrids.

Mazda will keep a jointly developed EV with Changan Automobile and lean more on China-developed models.

The company also reported weaker annual earnings but expects profits to recover next fiscal year.