Toyota hits electric-vehicle sales milestone, joins Tesla and GM in triggering phaseout of tax incentives for buyers

Toyota hits electric-vehicle sales milestone, joins Tesla and GM in triggering phaseout of tax incentives for buyers

Wednesday, July 6, 2022

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

The Japanese automaker joins Tesla and General Motors in initiating a phaseout 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.

Read the full story here