TOKYO -- Renesas Electronics on Thursday pushed back its 2030 sales and market capitalization targets by five years, reworking its growth strategy after a slowdown in the electric vehicle market forced an about-face on its plans for power semiconductors.

The Japanese chipmaker had in 2022 set goals of roughly doubling its sales to $20 billion and growing its valuation roughly sixfold to over 10 trillion yen (about $70 billion at current rates) by 2030. In a briefing, the company said it would move that timeframe back to 2035. Its shares dropped on the news, sinking 12% on Thursday to close at 1,735.5 yen.