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TOYOTA MOTOR CORPORATION

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Two U.S. senators talking to Manchin about objections to EV tax credit

11/29/2021 | 03:54pm EST

TAYLOR, Michigan, Nov 29 (Reuters) - Two Democratic U.S. senators said on Monday they are in talks with a key fellow Democrat over his objections to a proposal to provide a $4,500 tax incentive for union-made U.S. electric vehicles as part of the "Build Back Better" legislation before the Senate.

Earlier this month, Democratic Senator Joe Manchin said he opposed the credit https://www.reuters.com/business/autos-transportation/toyota-investing-240-million-west-virginia-build-hybrid-parts-2021-11-11, calling it "wrong" and "not American."

The EV tax credits are backed by President Joe Biden, many congressional Democrats and the United Auto Workers (UAW) union and would disproportionately benefit Detroit's Big Three automakers - General Motors Co, Ford Motor Co and Chrysler parent Stellantis NV - which assemble their U.S.-made vehicles in union-represented plants.

The bill, however, does away with phasing out automakers' tax credits after they hit 200,000 electric vehicles sold, which would make Tesla Inc, the largest maker of electric vehicles, eligible again for the base $7,500 credit but not for the $4,500 bonus because employees at its U.S. plants are not union members.

Senator Debbie Stabenow of Michigan told Reuters on the sidelines of an event about the semiconductor shortage that she strongly supports the union EV credit, "but we know we're going to have to work something out with (Manchin)."

In the evenly divided Senate, every Democratic vote is considered crucial to passage of the bill, which aims to bolster the social safety net and fight climate change. The House of Representatives passed the $1.75 trillion bill earlier this month, which includes the union bonus.

Asked if the final provision could include a smaller union bonus or revision that could make other automakers eligible with high labor standards, Gary Peters, Michigan's other U.S. senator, told Reuters: "I think a lot's on the table right now."

He declined to offer details of his talks with Manchin, saying, "I wouldn't want to negotiate in public as to what it's going to look (like) but it's likely to change."

Peters said he is committed to the union EV credit: "We're going to continue to press for that but it's still uncertain."

Manchin's office did not immediately comment.

Japan's Toyota, which has a plant in West Virginia but whose employees are not union members, has been lobbying heavily against the proposed $4,500 union credit.

UAW President Ray Curry said Monday the union EV credit proposal "is alive and well and we're going to keep pushing for that."

The social spending and climate bill being considered in Congress includes up to $12,500 in tax credits for U.S.-made EVs, including the $4,500 union provision. Vehicles would have to be made in the United States starting in 2027 to qualify for any of the $12,500 credit, which also includes a $500 credit for a U.S.-made battery. (Reporting by David Shepardson; Editing by Leslie Adler)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
DAIMLER AG 0.28% 74.48 Delayed Quote.9.87%
STELLANTIS N.V. -0.22% 19.104 Delayed Quote.14.71%
TESLA, INC. 1.75% 1049.61 Delayed Quote.-0.68%
TOYOTA MOTOR CORPORATION 0.02% 2423.5 Delayed Quote.15.08%
VOLKSWAGEN AG -0.46% 191.68 Delayed Quote.8.51%
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Financials
Sales 2022 31 680 B 276 B 276 B
Net income 2022 2 749 B 23 974 M 23 974 M
Net Debt 2022 18 322 B 160 B 160 B
P/E ratio 2022 13,0x
Yield 2022 2,39%
Capitalization 33 483 B 292 B 292 B
EV / Sales 2022 1,64x
EV / Sales 2023 1,47x
Nbr of Employees 366 283
Free-Float 69,9%
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Number of Analysts 20
Last Close Price 2 423,00 JPY
Average target price 2 426,84 JPY
Spread / Average Target 0,16%
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Managers and Directors
Akio Toyoda Executive President, CEO & Representative Director
Kenta Kon Chief Financial Officer, Director & GM-Accounting
Takeshi Uchiyamada Chairman
Keiji Yamamoto Chief Information & Security Officer
Seiji Sakai Manager-Information Systems & IT Management
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