NEW YORK -- The Biden administration's latest move to promote electric vehicles in the U.S. poses a roadblock for Toyota Motor and other Japanese automakers: a requirement to make the cars in North America.
Sweeping tax, climate and health care legislation that the White House has dubbed the Inflation Reduction Act provides a tax credit of up to $7,500 for buyers of new EVs through 2032. Used EVs qualify for maximum credit of $4,000. Some plug-in hybrids also qualify.
