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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.

Infiniti teases QX Monograph concept for Pebble reveal

Infiniti is planning on showing a new concept car during Monterey Car Week called the QX Monograph. In case you lost track of time, that’s next week, as the concept car will officially be unveiled on Thursday, August 17. Infiniti is planning on holding a press conference at The Lodge at Pebble Beach where Alfonso Albaisa, senior VP of design, will present the vehicle. Infiniti says the new concept will showcase the “future direction of InfinitiÂ’s design direction.” A single teaser image gives us a glimpse of the grille and the Infiniti logo on the front. There isnÂ’t a lot Infiniti is saying about the QX Monograph yet, but weÂ’re told it features “digital piano key” lighting, bold proportions and the aforementioned double-arched grille. Of course, since itÂ’s a QX model, we should also expect it to be an SUV concept and not any other body style. Beyond the concept car, Infiniti says itÂ’s bringing never-before-seen quarter-scale design models from Nissan archives to display publicly. In total, four of these models will be shown, including the 1916 DAT 41, 1966 Prince Skyline 2000-GTB, 1970 Nissan Skyline H/T and the 1995 Nissan Skyline GT-R. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Game on as Formula One fields teams for virtual eSports competition

HORLEY, England — Grand prix teams could be racing each other in the virtual world as well as the real one next season, and fighting to sign up the hottest gamer talent, as Formula One wakes to the power of eSports. Darren Cox, the man behind McLaren's "World's Fastest Gamer" competition who also saw one of his drivers win Formula One's first eSports series in Abu Dhabi last month, feels a tipping point has been reached this year. The former Nissan motorsport boss, who runs the eSPORTS+CARS virtual team, can also see the day dawning — in maybe three to five years' time — when top gamers are earning more than the lowest paid drivers on the real F1 starting grid. In a wide-ranging interview at a simulator center where his drivers train near London's Gatwick airport, Cox told Reuters that he expected Formula One teams to become involved in next year's eSports series. "If you look at what the NBA (basketball) has done ... they engaged the teams right at the beginning. So 17 of the NBA teams have got franchises for the virtual side of the sport, and there's a draft like in the real world. "So expect something like that to come out of (Formula One owners) Liberty," added Cox. "It's happening now. Those conversations are being had. "This absolutely will be a big priority for them (Liberty), and I believe they have made it clear to the teams that they will be involved, in some way. "And then I guess it's down to the teams about how involved they want to be." Kitchen porter turns champion Formula One's first eSports series was won by Brendon Leigh, an 18-year-old kitchen porter who had never previously been out of Britain. Leigh, who drives for Cox's team and emerged triumphant from 63,000 initial hopefuls, is likely to go professional. Some gamers in other arenas are already earning more than $1 million a year, and Cox said the rewards in motorsport were growing all the time. "If you go back 18 months, these guys were winning an X-box and a free subscription, not any cash. The cash has suddenly come, and I think that will ramp up," said the man who has been dubbed the "Godfather of virtual racing." Cox dismissed as irrelevant the debate about whether eSport is a sport. "It's here, it's got millions of viewers, it's got a commercial backbone that is strong. It doesn't matter if someone in sport thinks it's a sport or not. eSports don't care." He expected all the big F1 teams to end up partnering with outfits like his.