1996 Ford Mustang Svt Cobra Convertible 2-door 4.6l on 2040-cars

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1964 Ford GT40 prototype sells for $7M

Seven-figure Ferraris are not horribly rare. Heck, an eight-figure Ferrari isn't a rare occurrence. Between modern masterpieces like the Enzo and more classic offerings, cracking the million-dollar mark isn't a particularly tall order for the cars from Maranello. For a Ford, though, it's a big deal.
Now, this is not just some rare Mustang. This is a GT40, the car that Henry Ford II commissioned to whip Enzo Ferrari around a track in France. As far as the Le Mans-winning racers go, they don't get much rarer than this one. Sold at the Mecum Auctions in Houston, this is one of the prototypes, meaning it's one of the very first GT40s ever built. That makes its $7 million winning a bid, a record for on-air coverage of the auction, a pretty darn impressive figure.
You can watch the auction below, but first, take a look back at our original story on this rare Blue Oval.

EV tax credits: Here's every electric car or plug-in hybrid that qualifies

Starting on April 18, the Internal Revenue Service released new guidance for U.S. buyers shopping for a new electric or plug-in hybrid vehicle. On April 18th, the IRS showed only six fully electric vehicles on the qualified list, but a day later Volkswagen confirmed its U.S.-built ID.4 also qualifies. That means right now, seven fully electric vehicles qualify for the full $7,500 EV tax credit, with three more from Chevrolet coming for the 2024 model year (we would expect these 2024 models to roll out slowly and be difficult to find for at least the first few months they are on the market). In addition to those seven fully electric cars, two plug-in hybrids also qualify for the full $7,500 credit. To qualify, a vehicle must be assembled in North America and must meet a strict set of guidelines that cover where battery materials were sourced. If any battery materials come from certain countries (importantly including China), the vehicle's tax credit is automatically cut in half. Further, according to the IRS, the vehicle's manufacturer suggested retail price (MSRP) can't exceed $80,000 for vans, sport utility vehicles and pickup trucks or $55,000 for any other type of vehicle (basically meaning sedans). Electric vehicles that qualify for the full $7,500 EV tax credit: Cadillac Lyriq (2023-2024) Chevrolet Blazer EV (2024) Chevrolet Bolt EV (2023-2024) Chevrolet Bolt EUV (2023-2024) Chevrolet Equinox (2024) Chevrolet Silverado (2024) Ford F-150 Lightning — all models (2022-2023) Tesla Model 3 Performance (2022-2023) Tesla Model Y — all models (2022-2023) Volkswagen ID.4 — U.S.-built models (2022-2023) Plug-in hybrid cars that qualify for the full $7,500 EV tax credit: Chrysler Pacifica PHEV (2022-2023) Lincoln Aviator Grand Touring (2022-2023) A smaller credit is offered on fully electric cars and plug-in hybrids that are assembled in North America but have batteries with materials sourced from unqualified countries (mostly China).

Automakers' rush on aluminum may result in shortage

Aluminum is the new buzzword in the automotive industry. The latest Range Rover and Range Rover Sport both take advantage of the lightweight material to shave huge amounts of body fat (only it's called "aluminium" over there). Audi and Jaguar have been using the stuff for years in their A8 and XJ, respectively, and now, aluminum is going mainstream, arriving on the 2015 Ford F-150.
While we're excited to see aluminum make an impact outside the premium market, its widespread adoption apparently won't come without some problems, notably in terms of supply. "There isn't an automotive manufacturer that makes vehicles in North America that we're not talking to," Tom Boney, of Novelis, the largest global supplier of aluminum sheetmetal, told The Detroit News.
According to Boney, Ford's use of aluminum on such a large scale has forced auto manufacturers in "every boardroom" to reconsider their plans following the F-150's unveiling, for one simple reason: there's not exactly enough aluminum to go around, at least in the short term. The auto industry presently only accounts for six percent of the aluminum sheet produced, but as the material is adopted by more and more brands, that figure is expected to swell to 25 percent within the next six years.