General Motors is scaling back its previous electric vehicle buildout target, the latest sign that more automakers are concerned with the slowed growth of EVs.

In a Q3 letter to shareholders published Tuesday, GM CEO Mary Barra said the automaker would be changing course on its previous goals to build 400,000 electric vehicles by mid-2024.

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“We are also moderating the acceleration of EV production in North America to protect our pricing, adjust to slower near-term growth in demand, and implement engineering efficiency and other improvements that will make our vehicles less expensive to produce, and more profitable,” the letter reads.

The letter also reported a healthy third-quarter profit of $3.1 billion in net income, even as the strike from the United Auto Workers union hit profits. The walkout, which started in September, now costs GM $200 million a week in profit.

Barra reinforced the current offer that GM has put down with union workers on Tuesday, calling it a “historic contract” that would offer workers $40.39 per hour, or roughly $84,000 a year, by the end of the agreement’s term.

“It’s an offer that rewards our team members but does not put our company and their jobs at risk,” Barra said in the letter. “Accepting unsustainably high costs would put our future and GM team member jobs at risk, and jeopardizing our future is something I will not do.”

GM’s move on EVs comes as a surprise, as the automaker has previously bet on the technology, anticipating it will eventually phase out sales of traditional combustion-engined models. The company has offered one of the more ambitious plans to phase out petroleum-powered cars by 2035 but has hit a couple of snags in reaching that goal. Just last week, GM announced that it would delay electric pickup truck production at a Michigan factory to manage its capital investments better.

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However, that’s not to say other automakers haven’t had problems with their own rollouts of EVs. In July, Ford pushed back its EV target back by one year, citing lower-than-expected adoption.

These moves are occurring as higher interest rates make the already pricey cars more expensive for buyers, slowing the growth of sales.