KEY POINTS
  • Toyota sold its 200,000th plug-in electric vehicle during the second quarter, initiating a phaseout of U.S. tax credits of up to $7,500 for its customers.
  • The wind-down of the credit for Toyota customers is expected to be complete in October 2023, the company said Wednesday. The phaseout will begin Oct. 1.
  • Tesla and General Motors have already triggered the phaseout for their future customers who purchase an all-electric or plug-in hybrid electric vehicle.

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

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