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GM, Ford, Toyota, Stellantis CEOs want EV tax credit cap lifted

For just over a decade now, the U.S. has had a federal tax credit worth up to $7,500 for buyers of electric cars and plug-in hybrids. The catch has been that, once 200,000 of them were claimed for a manufacturer, that credit would be phased out. Now, automakers are asking for this cap to be lifted across the board, specifically General Motors, Ford, Toyota and Stellantis. The request comes in the form of a joint letter to Congress (which you can read here), signed by the CEOs of each company. And the ask really is as simple as that. The automakers would like the cap lifted for all EV manufacturers, and instead have a sunset date for the tax credit put in place. Broadly speaking, they want it lifted because of concerns about rising costs from materials and supply chain issues, which can lead to higher prices and could discourage buyers from getting an EV. It would also put automakers back on an even playing field. GM reached its tax credit cap a few years ago, meaning that none of its EVs are eligible for the tax credit. So while it reaped the benefits early on, it now has something of a disadvantage to competitors with credits remaining, such as those that signed on to this letter. GM wouldn't be the only beneficiary. Tesla ran out of credits years ago, too. Nissan still has credits, but likely not for much longer, as InsideEVs reports around 190,000 Leafs have been sold in the U.S. as of April. So it will probably face a phase-out soon, just as the anticipated, and more expensive, Ariya is heading to market. Making this change would also seem like a good choice for continuing to stimulate EV sales, if that's what the government is looking to do. While EVs are now reaching parity in practicality and performance with gas-powered cars, having an additional financial incentive will surely keep them looking more attractive. And automakers can push EVs without fear of running out of credits early. Certainly some sorts of changes to the EV tax credit are likely. There are bills in the works focusing on cap changes as well as the amount of money available, and which vehicles are eligible. Credits up to $12,500 have been proposed, plus possible credits for used EV sales and restricting some credits to vehicles of certain price brackets. Of course, any changes will require some cooperation in a deeply divided Congress. Related Video: Government/Legal Green Chevrolet Chrysler Ford Toyota Electric EV tax credit

2016 Ford Focus RS leaps to 62 in 4.7 seconds, starts at $36,605

We don't have to wait for the numbers to leak onto Ford's website again because the Blue Oval is now officially confirming that starting price of the 2016 Focus RS at $36,605 in the US, which includes $875 for destination. That money buys quite a quick hot hatch too – the RS with at least 345 horsepower can sprint to 62 miles per hour in mere 4.7 seconds and eventually reach a top speed of 165 mph. The 4.7-second blast bests the 0-60 times from lower-powered competitors like the Subaru WRX STI (5.1 seconds) and the Volkswagen Golf R (4.9 seconds). A few high-horsepower Europeans could outrun it, though, including the newly upgraded 2016 Mercedes-Benz CLA45 AMG (4.1 seconds) and Audi RS3 (4.3 seconds to 62 mph). This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. A combination of launch control, all-wheel drive, and torque vectoring at the rear axle might make that quick acceleration consistently achievable, too. Drivers just select the option from a menu, put the hot hatch into first gear, floor the gas pedal, and let off the clutch. The car rockets away, and a shift light on the instrument cluster illuminates at 5,900 rpm. It starts blinking at the 6,800 rpm redline. We just need to get through the winter to see which car wins in a real-world drag race. The Focus RS is being built in Saarlouis, Germany, and the first North American deliveries are expected in the spring of 2016. Ford isn't talking options yet, but the previous leak suggests things like navigation, leather seats, a sunroof, and 19-inch wheels with Michelin Pilot Sport Cup tires will be available. Related Video: FORD'S ALL-NEW FOCUS RS SPRINTS TO 62 MPH IN 4.7 SECONDS AND HITS 165 MPH All-new 2016 Ford Focus RS sprints from 0-62 mph in 4.7 seconds and reaches a maximum speed of 165 mph Fastest-ever Ford RS model will start at $36,605 featuring Ford Performance All-Wheel Drive and a projected 350 horsepower and 350 lb.-ft. of torque from its 2.3-liter EcoBoost® engine Innovative Focus RS offers drive modes – including industry-first drift mode – along with launch control; customer deliveries of high-performance hatchback start in North America in spring 2016 DEARBORN, Mich., Sept. 16, 2015 – Ford Motor Company's all-new Focus RS will sprint from 0-62 mph in 4.7 seconds – making the high-performance hatchback the fastest-accelerating RS model yet.

2022 GMC Hummer EV No. 001 at Barrett-Jackson brings $2.5 million

This year's Barrett-Jackson auction in Scottsdale, Ariz., played host to a bunch of the first examples of hot new cars: VIN No. 001 of the 2022 GMC Hummer EV, 2022 Cadillac CT5-V Blackwing and CT4-V Blackwing, 2021 Ford Bronco, 2021 Ford Mustang Mach 1 and 2021 Ram 1500 TRX. Every single one of them sold for more than six figures, with all the proceeds of nearly $5 million going to charities, but the big winner was absolutely the Hummer with a hammer price of $2.5 million. The Bronco did nicely, too, with a selling price of $1,075,000. You can see the list of the sale prices from highest to lowest of these first examples below. GMC Hummer EV: $2,500,000 Ford Bronco: $1,075,000 Ford Mustang Mach 1: $500,000 Ram 1500 TRX Launch Edition: $410,000 Cadillac CT5-V Blackwing: $265,000 Cadillac CT4-V Blackwing: $165,000 Despite the Hummer going for $2.5 million, it wasn't the most expensive car to cross the block. That honor goes to a 1966 Shelby Cobra 427 Super Snake that was once owned by Carroll Shelby himself. It sold for $5.5 million, the same price it sold for back in 2007. Nearly as pricey as the Hummer was a restored, numbers-matching 1967 Ferrari 275 GTB/4 that went for $2,475,000. Related video: