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Toyota Motor Corp. is getting closer to using up a key U.S. tax credit for hybrid and electric vehicles, a situation company leaders say will raise its costs and hinder the adoption of climate-friendly cars.
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The U.S. auto industry has no shortage of buyers currently, but it lacks the inventory to satisfy them.
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Experts predict the Russian invasion of Ukraine could slash global production of new cars and trucks by millions of units in 2022.
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Tight supply and lower production helps the companies sell vehicles with fewer financial incentives than they traditionally offer.
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Short supplies of new vehicles drove a dip in consumer loyalty of over 3 percentage points, according to Experian.
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The automaker’s acceptance of parts it would have thrown away in the past marks a notable change for a company renowned for stringent quality control.
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Toyota saw sales rise to 840,303 units in May, led by swiftly recovering demand in North America.
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The automaker bases this assessment on a belief that electric vehicles will not catch up to gasoline-powered vehicles in terms of cost and convenience by 2030.
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Honoring new-vehicle brands, models with lowest projected ownership costs to help shoppers save money.
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A study by CarGurus Inc. released this week finds Americans may need less encouragement than originally believed to make the switch to electric cars and trucks.
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