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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 4 Series Gran Coupe caught again

It's been a while since we've seen the upcoming BMW 4 Series Gran Coupe out testing, but we're sort of inclined to ask "Why?" yet again. After all, the 4 Series is what the new 3 Series-based coupes and convertibles will be called, so the idea of another four-door version just sort of seems redundant. In other words, just how different will a 4 Series Gran Coupe be from a 3 Series sedan, aside from perhaps a more rakish roofline or a four-passenger seating configuration? Probably not much, but BMW clearly thinks it can use the additional bodystyle to rake in some extra profits.
Anyway, back to these spy shots. No more of the 4GC's skin has been revealed since the last time we saw it, but we fully expect it to share a lot of its design DNA with the 3 Series sedan, not to mention the attractive 4 Series coupe concept that bowed at this year's Detroit Auto Show.
Powertrain options should carry over direct from the 3 Series line, so we expect to see 428i and 435i models on hand, packing turbocharged four- and six-cylinder engines, respectively. We're sure that BMW's xDrive all-wheel drive will be available, and who knows, we could even get a 428d version with the new 2.0-liter turbodiesel four that debuted in the 328d at the New York Auto Show last week, or even an M4 variant.

The 2016 BMW M2 is a steroid-addled M235i [UPDATE]

UPDATE: As it turns out, BMW mixed up the weight specs in the official press materials. We spoke to BMW for confirmation, and the manual M2 weighs 3,450 pounds, the DCT car weighs 3,505. We've updated the text to reflect this. If you're looking for a featherweight M235i, you'll be disappointed. The extra power and goodies are offset by negligible weight savings. When we first got behind the wheel of the M235i early last year, BMW was quick to point out the spiritual link between the small quasi-M car and its ancestors, the 2002 Turbo and the E30 M3, but we couldn't help but think fondly of the more potent 1M Coupe. And while the M235i got a lot of things right, its weight and price took some of the shine off it. But more importantly, the intangibles that those older BMWs nailed was somewhat lacking in the M235i – while fun, it was somewhat distant, unlike the visceral 1M. Until we drive the 2016 BMW M2, those intangibles will remain intangible. But on paper, the M2 looks to be a super-M235i, buffed up with M goodies like an active rear differential and lightened suspension components. But if you're looking for a featherweight M235i, you'll be disappointed. The extra power and goodies are offset by negligible weight savings. With the manual it weighs 3,450 pounds, an 85-pound reduction. With the DCT, it's a wash at 3,505 pounds. At least the M2 looks like a proper M car. The side bodywork swells 2.1 inches up front and 3.1 inches in the rear to accommodate wide 19-inch forged wheels wrapped in Michelin Pilot Super Sport tires. The front end takes the M235i theme (itself an adrenaline-injected version of lesser 2 Series cars) and adds steroidal menace, with the expected larger intakes to feed the extra engine radiator. Out back, there's a diffuser in the rear tray that the M235i lacks, and the scallops that incorporate the taillights plainly telegraph the extra rear width. It's the M4's handsome younger sibling. Like the M235i to which its clearly related, the heart of the M2 is a 3.0-liter inline-six that inhales through a TwinScroll exhaust manifold-integrated turbocharger. High-precision direct injection, Double-VANOS, and Valvetronic are all present and accounted for, with some M goodies like pistons and crank bearings trickling down from the M3 and M4. The result is 365 horsepower at 6,500 rpm and 343 pound-feet of torque available from as low as 1,400 rpm.