1967 Chevrolet Chevelle Ss Convertible 2-door 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.

Next-gen Chevy Camaro ZL1 teases big changes under its camo

With work complete on the lighter, stiffer 2016 Camaro, it's time for Chevrolet's engineers to really start having fun by developing the next, ZL1 version. Here it is for the first time. Unfortunately, the muscle car is still wearing quite a bit of camouflage, but the concealment isn't enough to hide some of the meaner model's more obvious performance tweaks. Starting from the front, this Camaro now wears a much more aggressive front fascia with bigger air inlets. Managing the airflow around the engine bay is clearly a big deal because another photo reveals a fairly large extractor in the hood, as well. Moving down the profile, the lower side sills and orientation of the camo suggest some blistered fenders in the back to cover wider rubber, and at the very rear a much larger wing further suggests the need to keep things planted to the road. Check out the comparison images in the gallery for a better look at the tweaks. What will power the next ZL1 is still entirely a mystery, although sticking with a supercharged 6.2-liter V8 could be a possibility, especially if you take the big extractor in the hood as a hint. Whereas the current ZL1 makes 580 horsepower and 556 pound-feet of torque, the LT4 in the latest Cadillac CTS-V pumps out 640 hp and 630 lb-ft. Combined with the Camaro's other improvements, we're thinking that this new ZL1 will be quite a hot ticket, and based on these spy shots, we can't wait to find out.

Experimental mid-engine XP-819 Corvette going up for auction

It seems to be commonplace that when a new Corvette is in development, rumors swirl about a possible mid-engine layout. As is the case of Chevy's most recent C7 Corvette, these rumors never pan out.
In any case, the idea for a 'Vette with an engine mounted behind the driver can probably all be traced back to a single car, the 1964 XP-819 prototype. Built as an "engineering exercise" back in 1964, the prototype was designed with a rear-mounted engine. History tells us that the idea of a rear-engine Corvette fizzled, and the XP-819 was eventually cut up into pieces and stored at a shop in Daytona Beach, FL.
After sitting for untold years, a restoration project started on the car, and while it isn't yet fully completed, the current owner of the car, Mid America Motorworks, will have the car on display at the 2013 Amelia Island Concours d'Elegance as a "driveable chassis" with hopes of having a fully completed car ready to bring to next year's show.