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.
The U.S. auto industry has no shortage of buyers currently, but it lacks the inventory to satisfy them.
Experts predict the Russian invasion of Ukraine could slash global production of new cars and trucks by millions of units in 2022.
Tight supply and lower production helps the companies sell vehicles with fewer financial incentives than they traditionally offer.
Short supplies of new vehicles drove a dip in consumer loyalty of over 3 percentage points, according to Experian.
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.
Toyota and Lexus franchise dealers can now leverage Tekion’s Automotive Retail Cloud to provide best-in-class, seamless experiences for sales and service consumers.
Japanese automaker Toyota plans to spend U$13.5bn to develop electric vehicle battery technology and supply system by 2030.
Independent dealers are securing sought-after vehicles despite tight inventory.
Toyota saw sales rise to 840,303 units in May, led by swiftly recovering demand in North America.
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