Toyota buyers soon will lose US electric vehicle tax credits

DETROIT (AP) — Toyota customers soon won’t be able to get U.S. federal tax credits for buying electric or plug-in hybrid vehicles. Toyota’s sales chief for North American, Bob Carter, said Wednesday that the automaker expects to reach a 200,000-vehicle cap on the credits before the end of June. After that, the credits will be phased out over the next year, reaching zero. Tesla and General Motors have reached zero. The lack of credits is problematic for automakers as the industry shifts from petroleum-powered vehicles to batteries in the effort reduce emissions, meet government fuel economy standards and fight climate change.