Toyota Has Exhausted All US Tax Credits Even As It Is Just Getting Started With EVs

Toyota Corporation TM launched its first battery electric vehicle, the bZ4X, in the U.S. in April. Although, this EV may not be able to take advantage of the federal tax credit extended to green-energy vehicles.

Toyota sold 3,876 plug-in hybrids and battery EVs in June, the Japanese automaker said on Friday. The U.S. extends a $7,500 tax credit to buyers of pure-play EVs or hybrids, with an upper ceiling of 200,000 vehicles per company.

Related Link: Toyota US Sales Drop 17.9% In June

The world's largest automaker's cumulative sales have now exceeded the threshold, Bloomberg reported, citing its internally compiled data and confirmation from the company.

The other automakers, which have hit the ceiling, include General Motor Corporation GM and Tesla, Inc. TSLA.

These companies have been lobbying Congress for an extension of the tax credits. Toyota and Tesla have also expressed their unhappiness over a proposal by the Biden administration to offer an incremental $4,500 credits to unionized automakers.

Toyota closed Friday's session 0.84% higher at $155.47, according to Benzinga Pro data.

Photo: Courtesy of pressroom.toyota.com