Hyperdrive
Toyota Objects to ‘Exorbitant’ Tax Breaks for Rich in EV Plan
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Toyota Motor Corp. ramped up its objections to proposed tax credits for electric vehicles in the U.S., saying the plan includes “exorbitant” tax breaks for the wealthy.
Toyota is one of several non-unionized automakers complaining about a 10-year plan emerging in Congress to offer incentives of as much as $12,500 for people to buy EVs -- as long as they are built by union-represented workers. Buyers of vehicles from non-union shops such as Toyota, Tesla Inc. and Honda Motor Co. would be limited to about credits of $7,500, a structure that would favor traditional manufacturers from Detroit.