Toyota North America expects to surpass the 200,000 vehicle threshold for EV sales, disqualifying itself from federal tax credits.
electrek.co
“If Toyota does in fact reach the 200,000 vehicle limit by the end of June, the phase-out would gradually occur over the course of a year. The credits initially continue at full value until the second quarter after the 200k threshold is reached, then half value for six months, followed by one-quarter value for an additional six months. Here’s a rough timeline of the phase-out should Toyota’s June 2022 estimate be correct:
July 1 to September 30, 2022 – Full $7,500 tax credit remains available for qualifying Toyota EVs.
- October 1 to March 31, 2023 – Credit drops to $3,750.
- April 1 to September 30, 2023 – Credit drops again to $1,875.
- October 1, 2023 onward – Toyota federal tax credit is zero.”