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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 broadens engine bolt recall to nearly half-million cars worldwide

Almost one month ago, we reported on a BMW investigation into a potentially defective bolt that lived in the company's VANOS variable valve timing system. At that point, the potential recall was seemingly limited to Chinese-market cars; the company was filing a recall application with Chinese officials.
Today, Bloomberg is reporting that the engine bolt issue has expanded into a recall for several world markets, involving some 489,000 vehicles. BMW was able to verify that report to Autoblog, while also providing a great deal more detail about the issue and vehicles affected.
The recall affects vehicles powered by N55 inline six-cylinder gasoline engines equipped with VANOS and Valvetronic technologies. 1 Series, 3 Series, 5 Series and 5 Series Gran Turismo, X3, X5, X6 and Z4 models from the 2010 to 2012 model years are included, as is the 2012 6 Series.

2015 BMW X4 slides in on the diagonal starting at $45,625 in the US

If BMW has shown us anything, it's a knack for creating niches and expanding its product portfolio. Go back to the early '90s and it had essentially four models: the 3 Series, 5 Series, 6 Series and 7 Series. End of list. Since then, the Bavarian automaker has not only taken on Mini and Rolls-Royce, but has expanded its own range of models exponentially. You can chalk a big part of that up to crossovers, and another sizable chunk to giving existing models a different roofline and calling it something new. What we have here is a prime example of both.
Previewed in concept form the better part of a year ago at the Shanghai Motor Show, the slantback version of the X3 (and the baby brother to the X6) is now here in full production guise. Mechanically it's essentially the same as the new X3 on which it's based, but amps up the "sport" at the expense of the "utility" part of the SUV equation.
BMW will undoubtedly offer a wide range of powertrain configurations in markets around the world, but back in the United States it'll be offered in two specs: the X4 xDrive28i, packing a 2.0-liter inline-four with 240 horsepower and a $45,625 sticker price (including destination), or the X4 xDrive35i with the 300hp 3.0-liter six and a $48,925 MSRP. Either way, you're getting an eight-speed automatic and all-wheel drive.