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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.

BMW debuts 435i ZHP edition coupe [UPDATE]

Performance enthusiasts enamored of the BMW 4 Series but not quite ready to step up to the M4 will be excited at the arrival of the new ZHP edition. Reviving a code last seen on a package for the E46 series a decade ago, the 2016 BMW 435i ZHP Edition boasts a series of performance upgrades aimed not only at "improved optics and aerodynamics; it is also notably quicker with more precise handling." The special 4 Series packs a series of BMW M Performance accessories to give it a more aggressive attitude, including a new Track Handling Package, M Sport Package, limited slip differential and a range of M Performance parts. The Track Handling Package alone includes 18-inch alloys, M Sport Brakes with four-piston calipers up front and two pistons in the back and incorporates the Active M Suspension with variable dampers and steering. With revised software and a new air intake, the M Performance Engine Kit kicks in an extra 35 horsepower for a total of 335 hp and either 32 more pound-feet (with the automatic transmission) for a total of 332 lb-ft or a 17-lb-ft boost (with the manual) for a total of 317 lb-ft. That's enough to drop 0.2 seconds off the 435i's 0-60 time and 0.5 seconds off the run from 50 miles per hour to 75. BMW also promises better accelerator response and engine note. There's a sport exhaust that sheds 8.8 pounds of weight, a full carbon-fiber aero kit and visual enhancements inside, out and under the hood. The German automaker will only be offering 100 examples of the enhanced coupe starting in July, with pricing to be announced closer to the launch date. UPDATE: Of course, if you miss out on one of these special editions, you can always spec out your own from the M catalog with parts installed at BMW's Vehicle Distribution Center. And, as BMW points out in correspondence with Autoblog, you could even order one up with all-wheel drive and in convertible or four-door Gran Coupe body-styles if that's more your pace. Related Video: BMW UNVEILS THE SPECIAL EDITION BMW 435i ZHP COUPE Woodcliff Lake, NJ – May 19, 2015... Paying tribute to the iconic ZHP Performance Package, BMW today released details for a 2016 BMW 435i ZHP Coupe Edition.

2015 BMW M4 gets initiated into the club

It's easy for enthusiasts and traditionalists to give BMW a hard time these days, what with its plans to add more front-wheel drive models and seeming move away from more emotionally connected cars. However, the push for perfection that underscored its old Ultimate Driving Machine motto is still in there, especially in its M models. In fact, the first M4 recently made it to US shores, and the company thought the only appropriate way to celebrate was to introduce its new coupe to some of its high-performance forefathers.
The M4's initiation into the M car brotherhood involved bringing together no fewer than 52 classic and newer models - including four racecars and many privately owned vehicles - to an empty parking lot and letting the coupe drift and slalom around them to say hello. According to BMW, there was a combined 11,566 horsepower on hand. It takes a pretty trusting owner to stand back and watch as a brand-new vehicle slides its tail out with the rear wheels smoking within feet of their pride and joy. Stay tuned until the end where the owners and their cars get a shout out in the credits. Scroll down to read BMW's press release about it.