(Bloomberg) -- Toyota Motor Corp. has used up a key US tax credit for hybrid and electric vehicles, a milestone that the automaker says will raise its costs and hinder adoption of climate-friendly cars.Most Read from BloombergJPMorgan Sees ‘Stratospheric’ $380 Oil on Worst-Case Russian CutCrypto Meltdown Claims Rolex and Patek Philippe as VictimsThe Wheels Have Come Off Electric VehiclesNetflix Crashes After ‘Stranger Things 4’ Finale ReleaseUS Court Ruling May Take 70,000 Truckers Off Road, Spu
General Motors, Toyota and other automakers suffered a hit to US sales in the latest quarter as supply chain woes continued to crimp inventories, according to results released Friday.
(Reuters) -General Motors Co surpassed Toyota Motor Corp in second-quarter U.S. car sales, data on Friday showed, even as persistent chip shortages and supply chain disruptions crimped automakers' ability to meet pent-up demand. GM, which lost its crown as the U.S. sales leader last year for the first time since 1931 to Toyota, said it sold 582,401 vehicles in the quarter through June, 15% lower than a year earlier. Toyota, which has been one of the worst hit automakers this year from supply chain disruptions and China's COVID-19 lockdowns, sold 531,105 vehicles, down 22%.