The Car and Truck Fleet and Leasing Management Magazine

Toyota Seeks Extended Hybrid Tax Credits

December 04, 2006

WASHINGTON, D.C. – Toyota North American President Jim Press has urged Congress to extend federal tax credits for hybrid vehicles and accelerate its buying of hybrids and alternative-fleet vehicles to help address energy concerns, according to the Associated Press. A 2005 federal energy bill provided up to $3,600 in tax credits to U.S. consumers who buy hybrids, but Toyota Motor Corp. this summer hit the legal production limit — 60,000 vehicles — that are eligible for the full tax credit. Press said there was a drop in demand for hybrids after the full tax credit expired for Toyota. Toyota officials said the automaker’s U.S. hybrid sales in October dropped to its lowest levels since March, attributing the decline in demand in part to the reduced tax credits. The automaker also shifted production of some hybrids from Japan to the United States, according to the report. Federal tax credits for Toyota and Lexus hybrid vehicles were cut in half beginning in October. The $3,150 credit for the Toyota Prius, the largest hybrid tax credit available, shrank to $1,575 on Oct 1. Credits for other hybrids made by Toyota, including certain Camry, Highlander, and Lexus vehicles, were reduced to between $775 to $1,300.
Twitter Facebook Google+


Please note that comments may be moderated. 
Leave this field empty:

Fleet Incentives

Determine the actual cost of owning and running a vehicle in your fleet. Compare vehicles by class and model.

Sponsored by

N. Bud Grossman, co-founder of General Leasing Company (later named Gelco) and past president of the American Automotive Leasing Association (AALA)

Read more

Fuel Saving Strategies Survey

View our 2008 survey to benchmark your fleet's fuel and green strategies with other fleets.

Fuel Calculator

A managed fuel program can help you save time and money and gain control over the way you fuel your vehicles. Determine your potential savings by using our fuel calculator.
Launch Fuel Calculator 

Fuel Prices

U.S. Gasoline and Diesel Fuel Prices.

Launch Fuel Prices 

Up Next

More From The World's Largest Fleet Publisher