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VW, Rivian, Nissan, BMW, Genesis, Audi and Volvo lose EV tax credits starting tomorrow

The U.S. Treasury said Monday that Volkswagen, BMW, Nissan, Rivian, Hyundai and Volvo electric vehicles will lose access to a $7,500 tax credit under new battery sourcing rules. The Treasury said the new requirements effective Tuesday will also cut by half credits for the Tesla Model 3 Standard Range Rear Wheel Drive to $3,750 but other Tesla models will retain the full $7,500 credit. Vehicles losing credits Tuesday are the BMW 330e, BMW X5 xDrive45e, Genesis Electrified GV70, Nissan Leaf , Rivian R1S and R1T, Volkswagen ID.4 as well as the plug-in hybrid electric Audi Q5 TFSI e Quattro and plug-in hybrid (PHEV) electric Volvo S60. The Swedish carmaker is 82%-owned by China’s Zhejiang Geely Holding Group. The rules are aimed at weaning the United States off dependence on China for EV battery supply chains and are part of President Joe Biden's effort to make 50% of U.S. new vehicle sales by 2030 EVs or PHEVs. Hyundai said in a statement it was committed to its long-range EV plans and that it "will utilize key provisions in the Inflation Reduction Act to accelerate the transition to electrification." Rivian declined to comment and the other automakers could not immediately be reached for comment. Treasury also disclosed General Motors electric Chevrolet Bolt and Bolt EUV will qualify for the full $7,500 tax credit. GM said earlier it expected at least some of its EVS would qualify for the $7,500 tax credit under the new rules, including the 2023 Cadillac Lyriq and forthcoming Chevrolet Equinox EV SUV and Blazer EV SUV. Treasury said all GM EVs will qualify. Earlier, Ford Motor and Chrysler-parent Stellantis said most of their electric and PHEV models would see tax credits halved to $3,750 on April 18. Treasury confirmed the automakers' calculations. The rules were announced last month and mandated by Congress in August as part of the $430 billion Inflation Reduction Act (IRA). The IRA requires 50% of the value of battery components be produced or assembled in North America to qualify for $3,750, and 40% of the value of critical minerals sourced from the United States or a free trade partner for a $3,750 credit. The law required vehicles to be assembled in North America to qualify for any tax credits, which in August eliminated nearly 70% of eligible models and on Jan. 1 new price caps and limits on buyers income took effect.

German prosecutors investigating Audi for emissions scandal

After weeks of investigation into Volkswagen by prosecutors in Braunschweig, Germany, attorneys in Ingolstadt will also begin an examination into Audi's potential role in the emissions scandal. They reportedly received multiple criminal complaints that requested an inquiry, including one from Audi, according to Bloomberg. The prosecutors in Ingolstadt want to focus on people within the automaker that are responsible for emissions. However, the investigation is still too early in the process to identify any specific suspects. The German lawyers might also eventually combine their cases, but they remain separate for now. "Braunschweig took those parts that are clearly located at Volkswagen and asked us to keep the elements limited to Audi," a spokesperson for the Ingolstadt attorneys told Bloomberg. Audi has 2.1 million vehicles worldwide with Volkswagen Group's emissions-cheating four-cylinder diesel, including an estimated 13,000-14,000 of them in the US. The Environmental Protection Agency also recently filed a second violation notice against the 3.0-liter TDI V6 that was used in several of the company's models here, and the automaker responded with a stop sale for them. VW Group's carbon-dioxide emissions cheating in Europe also reportedly involves some Audi models. In that case, engineers admitted to artificially improving test results to achieve the cuts that the automaker requested.

Hydrogen could deliver one fifth of world carbon cuts by 2050, industry says

BONN, Germany — Increasing the use of hydrogen in power, transport, heat and industry could deliver around one fifth of the total carbon emissions cuts needed to limit global warming to safe levels by mid-century, a report by the Hydrogen Council said on Monday. To encourage industries to use hydrogen, Toyota and Air Liquide helped set up the Hydrogen Council, a global lobby launched in January this year. Its 27 members include automakers Audi, BMW, Daimler, Honda and Hyundai, and energy firms such as Shell and Total. The council said using hydrogen for transport, energy generation, energy storage, industry, heat and power could cut annual carbon emissions by 6 billion tonnes by 2050. "This would ... contribute roughly 20 percent of the additional abatement required to limit global warming to two degrees Celsius," the council said in a report released on the sidelines of a U.N. climate conference in Bonn. To achieve a two-degree limit this century agreed by governments in Paris in 2015, the world must reduce energy-related carbon emissions by 60 percent by 2050. The report said one in 12 cars sold in California, Germany and Japan were expected to be powered by hydrogen by 2030. By 2050, hydrogen could power 400 million cars, 15 million to 20 million trucks, around 5 million buses, a quarter of passenger ships and a fifth of non-electrified train tracks, as well as some airplanes and freight ships. Achieving this shift in transport and other sectors would require investment of $280 billion by 2030, with about $110 billion to fund hydrogen output, $80 billion for storage, transport and distribution, and $70 billion to develop products. Fuel cell vehicles combine hydrogen and oxygen to produce electricity to power an electric motor, producing water as a byproduct. However, making hydrogen from fossil fuels, a common route, also produces some greenhouse gas emissions. So far the take-up of hydrogen vehicles is tiny and industry experts say their wider use is years away, with high purchase prices and a lack of refueling stations the major barriers. But some firms, such as miner Anglo American and carmaker Toyota, are pushing for fuel cell cars to play a role even with the rise of battery-powered electric vehicles (EVs). Woong-chul Yang, vice chairman of automotive research and development at Hyundai said EVs and hydrogen fuel cell cars were needed because EVs were better for city driving and fuel cell vehicles better for longer journeys.