Toyota joins Tesla and GM in losing federal electric vehicle tax credits


A Toyota bZ4X on display at the New York Auto Show, April 13, 2022.

Scott Mlyn | CNBC

Toyota Motor said it sold its 200,000th plug-in electric vehicle during the second quarter, triggering a phase out of U.S. tax credits of up to $7,500 for people who buy the cars.

The Japanese automaker joins Tesla and General Motors in initiating a phase-out of the credit for future consumers who purchase an all-electric or plug-in hybrid electric vehicle. The milestone comes at an inopportune time, with Toyota ramping up production of its new all-electric bZ4X.

In June, the CEOs of General Motors, Ford Motor, Chrysler parent Stellantis and Toyota Motor North America urged Congress to lift the cap on the…


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