CATL, the world’s largest maker of electric-vehicle batteries, is expanding production, while Honda is cutting spending plans. Oddly, both stocks are up.

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

The Japanese carmaker plans to reduce its investment in electric vehicles by more than $20 billion in the coming years as EV demand growth slows.