The federal government recently provided another reason for consumers to purchase hybrid vehicles, following President Barack Obama's recently proposed tax incentives and subsidies for alternative-power cars.
The threat of higher gas prices during the summer has driven some consumers to purchase electric or hybrid vehicles, and buyers now will reap even more benefits from the switch from traditional gas-powered vehicles.
“It’s time to end that taxpayer giveaway to an industry that’s never been more profitable, invest in clean energy that’s never been more promising,” Obama said.
The new proposal calls for increasing a $7,500 credit to $10,000 for consumers and businesses that buy vehicles powered with an electric battery, natural gas or hydrogen.
The incentives aim to encourage Americans to invest in more vehicles that cut down carbon emissions and promote alternative electric choices.
In February, hybrid vehicle sales for Japanese automaker Toyota increased 60 percent from a year earlier to 27,458 following the rising gas prices and high demand for alternative fuel cars.