Toyota Trys to Keep Hybrid Tax Credits

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Toyota North American President Jim Press urged Congress on Wednesday to extend federal tax credits for hybrid vehicles and accelerate its buying of hybrids and alternative fleet vehicles to help address energy concerns, the Associated Press reports.


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.


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.


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 U.S.


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