Toyota buyers soon will lose US electric vehicle tax credits
ABC News
Toyota customers soon won’t be able to get U.S. federal tax credits for buying electric or plug-in hybrid vehicles
DETROIT -- Toyota customers soon won't be able to get U.S. federal tax credits for buying electric or hybrid vehicles.
The automaker expects that sometime before the end of June it will reach a 200,000-vehicle cap on the credits, Bob Carter, Toyota's head of North American sales, said Wednesday. After that, the credits will be phased out over the next year, reaching zero, as Tesla and General Motors already have.
The lack of credits is problematic for automakers shifting from petroleum-powered vehicles to batteries in the effort to reduce emissions, meet government fuel-economy standards and fight climate change. Nissan is about 30,000 vehicles away from reaching the cap, and others will follow as more EVs are introduced.
Tesla, the top seller of electric vehicles in the world, and GM already are at a price disadvantage to other automakers without the credits, and Toyota soon will be. Additional EV tax credits are in the Build Back Better spending bill backed by President Joe Biden, which is stalled in Congress.
