Toyota Gets It
Japanese automaker Toyota's North American president Jim Press announced Wednesday that the company "wants hybrids to make up 25 percent of its U.S. sales by early in the next decade and is considering adding the technology to its entire lineup, including trucks," the Associated Press reports. "To us, it’s not a passing phase but a vital technology for the 21st century," Press said at an auto conference in Michigan.
"Press said Toyota will meet its goal by aggressively introducing new hybrid versions of its lineup. The company launched two hybrid sport utility vehicles this year - the Lexus RX 400h hybrid in April and the Toyota Highlander hybrid in June - and will introduce hybrid versions of the Lexus GS sedan and the Toyota Camry next year.
In addition, Press said Toyota has 10 hybrids under development.
'People are buying hybrids for good reasons beyond fuel economy,' Press said. 'They realize hybrids are a simple way to make an important difference in curtailing foreign-oil dependence.'"
How about it, Ford?
posted by JBD @ 12:02 AM
3 comments
3 Comments:
yeah, Toyota seems to be the only car company to seriously roll out hybrids, and in more than one model too. I already see less SUV's on the road. We are heading in this direction. This town is full of Prius's, they are EVERYWHERE, there are waiting lists to get one.
It's sign that the major "domestic" companies aren't grasping yet.
Heh, I'd love to wrap my hands around a hybrid steering wheel. I'm just waiting to be able to afford it.
:D
Toyota definately recognizes a market but also an energy need. Please remember that there can be various tax incentives depending upon the vehicle that is purchased.
I suppose this comment be posted in Fuzzy Math, Fiscal Trickery or here. Since it is part of the Energy Bill and not the TransPORKtation bill, the comment is being left on this post.
Old tax law included a phase out by 2007 of the current tax deduction for hybrids, clean fuel vehicles, etc. Replacing this deduction is a more generous tax credit.
There is a credit for three different types of vehicles:
Fuel Cell vehicles - The credit is determined by a base credit amount that depends on the weight class of the vehicle and an additional credit amount that depends upon the rated fuel economy of the vehicle compared to the base fuel economy. The weight class credit can range from $8,000 to $40,000 while the fuel economy credit can range from $1,000 to $4,000.
Hybrid vehicles - The credit is a sum of two components: a fuel economy credit amount that varies depending on fuel efficiency and a conservation credit based on the estimated lifetime fuels savings. The fuel efficiency credit ranges from $400 to $2,400 and the conservation credit ranges from $250 to $1,000.
Alternative Fuel Vehicles (natural gas, LNG, liquefied petroleum gas, hydrogen, and any liquid fuel that is at least 85 percent methanol) - The credit for this vehicle would be 50 percent of the incremental cost of the vehicle, plus an additional 30 percent if the vehicle meets certain emissions standards. It appears like this credit could range between $5,000 and $40,000.
How much the tax impact will be is unknown since it depends upon how many taxpayers take advantage of the program. We do know that the current tax rules that encouraged "business" to purchase SUVs, did lead to an increase in their production.
Besides the Federal government, individual States may be offering tax incentives also. For example, legislation in Minnesota included a $20,000 tax credit for gas stations to install e-85 ethanol fuel pumps. Since Minnesota has a couple thousand gas stations, this could be a spendy gift from the taxpayers.
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