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According to data compiled by Automotive News, EV sales skyrocketed 60% in the first quarter of 2022.

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The data revealed that in the first few months of 2022 alone, nearly 160,000 new electric vehicles hit the roads as more and more Americans chose to spare themselves from record-high gas prices in favor of battery-powered clean energy.

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Fortunately for consumers, Tesla is no longer the only game in town – the latest offerings from manufacturers such as Ford, Hyundai, Kia, Toyota, and others give EV shoppers more options than ever before.

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The EV Tax Credit

Luckily, the United States offers a $7500 tax credit for all electric plug-in vehicles to help ease the pressure on consumers’ wallets.

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There’s a catch, though: once a manufacturer sells 200,000 electric-powertrain vehicles, they begin to be phased out of the tax credit.

If you’ve been in the market for the latest Prius, Rav4 Prime, or other Toyota electric-powertrain vehicle, we have some bad news:

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As of this month, Toyota sold its 200,000th electric vehicle and became the third automaker to no longer be eligible for the full $7500 tax credit.

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