The Japanese auto manufacturer is likely to hit the tax credit program’s cap very soon.
While the latest sales figures from the first quarter show an increase in electrified vehicle purchases compared to this time last year, it also means consumers hoping to take advantage of the federal EV tax credit are running out of time.
At the current sales pace, Toyota will likely hit the cap around or shortly after it releases its first true EV – the battery-electric bZ4X – set to go on sale around June. The Toyota’s current line-up consists of 18 electrified hybrid versions of some of its best-selling models including the Camry, Corolla, RAV4 and Tundra.
The EV tax credit was introduced in the wake of the 2008 financial crisis as part of the American Recovery and Reinvestment Act of 2009. Car buyers have been able to claim the credit for any hybrid, or fully-electric vehicle purchased since the beginning of 2010. The Build Back Better Act contained provisions expanding the EV tax credit, but it stalled in Congress earlier this year and its future is uncertain.
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