- Toyota finally hit the mass market, a battery-powered car—bZ4X—Just as it is about to trigger the elimination of the federal EV tax credits.
- Toyota is hitting its 200,000-vehicle limit thanks to strong sales of gasoline-electric hybrids, both Prius Prime and RAV4 Prime.
- If you are interested a RAV4 Prime or bZ4X, you can still get full credit of $7500 through October of this year.
Toyota has long made a big deal on Name Prius means “go ahead.” When it comes to electric vehicles, however, Toyota is more accurately third — at least in terms of achieving the fully limited federal tax credit on electric vehicles and gasoline-electric hybrid vehicles (PHEVs). ).
According to Automotive News. At this rate, Toyota expects to use up these full credits — capped at 200,000 per automaker before starting to gradually reduce deductions over the course of a year — sometime before summer. Once Toyota hits this milestone, buyers of its latest EVs and PHEVs will be able to receive a tax credit worth half the maximum amount for six months, followed by a tax credit worth a quarter of the total amount. initial payment for another six months. After that, Toyota EV and PHEV consumers will have to purchase these vehicles to enjoy tax incentives from the federal government.
“We’re planning this, because Tesla is out of business and General Motors is gone, and we’ll probably launch in Q2,” said Toyota Motor North executive vice president of sales. America, Bob Carter, said. Automotive News. “When you go out, you enter the descending phase, so we’re planning for that.”
On the one hand, reaching this milestone is a positive for Toyota. After all, this means that the brand has succeeded in selling 200,000 fully and partially electric vehicles. On the other hand, this is not a good time for Toyota to consider phasing out the tax credit.
The brand is now rolling out its first dedicated battery-powered vehicle across the United States (previous EVs Toyota sold in the 21st century were limited to certain states), the bZ4X. As a result, only a handful of initial buyers will be able to take advantage of the full $7500 credit for which the vehicle qualifies.
Nissan, coming soon Electric SUV Ariyain a similar boat for over a decade Sell leaves. Carter said Automotive News that Toyota is considering lowering the starting price of EVs in response to the expiration of federal EV tax credits.
If Toyota does indeed hit the 200,000 mark in the second quarter (before July 1), then all sales through the end of October of this year will still be eligible for full credit. However, through November, the credit will drop to $3750, then $1875 on April 1, 2023, meaning Toyota will likely hit the federal EV tax credit ceiling by October 2023.
Although only officially entering the electric vehicle market, Toyota’s Prius and RAV4 PHEV popular models have already reached the sales threshold of 200,000 electric and partial electric vehicles of this brand. Due to the smaller battery packs of these models, the 2012–2015 Prius plug-in is eligible for the $2500 tax credit, while the 2017 and newer Prius PHEVs receive a $4502 credit. The RAV4, meanwhile, takes home the whole $7500…now, that is.
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