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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.

Honda Ridgeline, Ford Ecosport and Tesla profits | Autoblog Podcast #537

On this week's Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Green Editor John Beltz Snyder and Associate Editor Joel Stocksdale. We talk about driving the 2018 Ford Ecosport and Hyundai Accent. Joel tells us why he loves the naturally aspirated engine in our long-term Honda Ridgeline. We discuss Tesla's profitability claims, Johan de Nysschen leaving Cadillac and a possible date change for the Detroit Auto Show. As usual, we'll also spend a listener's money on a car. Autoblog Podcast #537 Get The Podcast iTunes – Subscribe to the Autoblog Podcast in iTunes RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown Driving the 2018 Ford Ecosport Driving the 2018 Hyundai Accent A love letter to the Honda Ridgeline's V6 Leadership change at Cadillac Will Tesla be profitable this year? Will NAIAS move to October? Spend my money Feedback Email – Podcast@Autoblog.com Review the show on iTunes Related Video: Earnings/Financials Green Podcasts Detroit Auto Show Cadillac Ford Honda Hyundai Tesla Used Car Buying Truck Crossover SUV Economy Cars Electric Sedan

US Ford Focus RS to be imported from Europe

Rumors about the forthcoming Ford Focus RS are flourishing into what sounds like a very impressive new hot hatch. The latest scuttlebutt gives the first indication about when we might see a few of these fast Focuses on roads here in the US.
Unnamed insiders reportedly confirmed to The Truth About Cars that Ford plans to launch the Focus RS in the US in 2016. However, getting one might not be so easy - the boosted powertrain means the car would likely need to be imported from Europe. That's likely going to keep the total number available in the US rather low. The sources estimate a price tag that's a bit more expensive than the top Focus ST3, which starts around $28,500, plus $825 destination.
It seems that a pretty potent package comes for all of that cash, though. The Focus RS reportedly uses a 2.3-liter turbocharged four-cylinder making between 325 and 350 horsepower, with a torque-vectoring all-wheel drive system to get that muscle to the road. The test mules also wear more aggressive front and rear fascias, dual exhaust tips, larger brakes and sticky tires. It sounds like a great formula on top of the already enjoyable Focus ST.