2004 Bmw X5 3.0i on 2040-cars

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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.

At meeting with automakers, Trump launches new attack on NAFTA

WASHINGTON — Ten American and foreign automakers went to the White House on Friday to push for a weakening of U.S. fuel efficiency standards through 2025, while President Donald Trump used the occasion to launch a fresh attack on the North American Free Trade Agreement that has benefited the companies. A draft proposal circulated by the U.S. Transportation Department would freeze fuel efficiency requirements at 2020 levels through 2026, rather than allowing them to increase as previously planned. Trump's administration is expected to formally unveil the proposal later this month or in June. "We're working on CAFE standards, environmental controls," Trump told reporters at the top of the meeting, referring to the Corporate Average Fuel Economy standards for cars and light trucks in the United States. Trump said he wants automakers to build more vehicles in the United States and export more vehicles. But much of the hour-long meeting focused on NAFTA. Trump blasted the pact involving the United States, Canada and Mexico as "terrible" and noted that negotiations to make changes sought by his administration were ongoing. "NAFTA has been a horrible, horrible disaster for this country and we'll see if we can make it reasonable," Trump said. Automakers have called NAFTA a success, allowing them to integrate production throughout North America and make production competitive with Asia and Europe, and have noted the increase in auto production over the past two decades with the deal in place. They have warned that changing NAFTA too much could prompt some companies to move production out of the United States. The chief executives of General Motors Co, Ford Motor Co, Fiat Chrysler, along with senior U.S. executives from Toyota Motor Corp, Volkswagen AG, Hyundai Motor Co, Nissan Motor Co, Honda Motor Co , BMW AG and Daimler AG met with Trump, as did the chief executives of two auto trade groups. Major automakers reiterated this week they do not support freezing fuel efficiency requirements but said they want new flexibility and rule changes to address lower gasoline prices and the shift in U.S. consumer preferences to bigger, less fuel-efficient vehicles.

2016 BMW 7 Series slims down, techs up

BMW is finally pulling the wraps off its sixth-generation 7 Series. The flagship boasts a ton of improvements for 2016, including a smattering of onboard tech and weight reduction of 190 pounds. The 7 Series uses a new internal structure called Carbon Core. Derived from the i sub-brand, Carbon Core uses a mix of carbon-fiber-reinforced plastic and ultra-high-tensile steel for the 7's major structural components. It's largely responsible for the 190-pound weight reduction, along with the aluminum doors and trunk lid. The weight savings has allowed BMW to maintain a fifty-fifty weight distribution. That new structure underpins the largest sedan BMW has ever produced. At 206.6 inches in total, the long-wheelbase-only 7 Series is over an inch longer than its predecessor. Its 124.6-inch wheelbase and 74.9-inch width, though, remain unchanged. Even with such a modest increase in size, BMW is claiming best-in-class rear legroom, at 44.4 inches – a tenth of an inch more than the current 7. Unlike the old car, though, this new 7 Series gets with the times in terms of chauffeur equipment. The front passenger seat can be slid forward and folded, allowing a lucky rear passenger to take advantage of the new pop-out footrest and optional 42.5-degree seat incline, available as part of the Rear Executive Lounge Seating Package. iDrive now adds a number of 3D sensors that respond to pre-programed hand motions. The 7 Series will debut here in the United States with two engines, both of which should be familiar to BMW consumers. There's a 320-horsepower, 3.0-liter, turbocharged six-cylinder in the nose of the 740i, and a 4.4-liter, twin-turbocharged V8 with 445 hp on tap in the 750i xDrive. 60 miles per hour arrives in a relaxed 5.4 seconds for the 740i and 4.3 seconds in the V8 model. Once again, ZF provides the eight-speed automatic transmission used with both engines. Joining the 740i and 750i is the new 740e xDrive. The plug-in-hybrid sedan is motivated by a 2.0-liter, turbocharged four-cylinder and an electric motor, and is capable of 23 miles per charge and speeds of up to 75 miles per hour in pure electric mode. Tthere's no shortage of tech on the latest 7 Series. While we're familiar with some items, like active grille shutters and BMW's Air Breather system, it's items like the gesture-control-equipped iDrive 5.0 that pique our interest. Alongside the new and standard touchscreen, iDrive now adds a number of 3D sensors that respond to pre-programed hand motions.