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2021-09-12

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Toyota, Honda oppose U.S. House electric vehicle tax plan

WASHINGTON, Sept 11 (Reuters) - Toyota Motor Corp and Honda Motor Co on Saturday sharply criticized

Toyota, Honda oppose U.S. House electric vehicle tax plan

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The Honda production associates in Alabama, Indiana and Ohio who will build our EVs deserve fair and equal treatment by Congress.\"</p>\n<p>The proposal, estimated to cost $33 billion to $34 billion over 10 years, would boost to up to $12,500 the maximum tax credit for electric vehicles, up from the current $7,500. The $12,500 figure includes a $500 credit for using U.S.-produced batteries.</p>\n<p>The proposal is a key part of Democratic President Joe Biden's goal to ensure EVs comprise at least 50% of U.S. vehicle sales by 2030 and boost American union jobs.</p>\n<p>The bill, however, does away with phasing out automakers' tax credits after they hit 200,000 electric vehicles sold, which would make General Motors Co and Tesla Inc eligible again. 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The Honda production associates in Alabama, Indiana and Ohio who will build our EVs deserve fair and equal treatment by Congress.\"\nThe proposal, estimated to cost $33 billion to $34 billion over 10 years, would boost to up to $12,500 the maximum tax credit for electric vehicles, up from the current $7,500. The $12,500 figure includes a $500 credit for using U.S.-produced batteries.\nThe proposal is a key part of Democratic President Joe Biden's goal to ensure EVs comprise at least 50% of U.S. vehicle sales by 2030 and boost American union jobs.\nThe bill, however, does away with phasing out automakers' tax credits after they hit 200,000 electric vehicles sold, which would make General Motors Co and Tesla Inc eligible again. 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Toyota, Honda oppose U.S. House electric vehicle tax plan

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