Toyota customers soon won't be able to get U.S. federal tax credits for buying electric or hybrid vehicles.
FILE - In this Sunday, March 21, 2021, photo, the company logo adorns a sign outside a Toyota dealership in Lakewood, Colo. Toyota customers soon wont be able to get U.S. federal tax credits for buying electric or plug-in hybrid vehicles. Toyota's sales chief for North American, Bob Carter, said Wednesday, April 6, 2022, that the automaker expects to reach a 200,000-vehicle cap on the credits before the end of June. – Toyota customers soon won't be able to get U.S.
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.
The Build Back Better bill would give EV buyers a $7,500 tax credit through 2026 to charge up sales. But the following year, only electric vehicles made in the U.S. would qualify for the credit. And the base credit rises by $4,500 if the vehicle is made at a U.S. plant that runs under a union-negotiated collective bargaining agreement. Only GM, Ford and Stellantis vehicles would qualify.
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