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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

Behold the mad genius of the Ferrari-powered Toyota 86

Ryan Tuerck's latest project, a Toyota 86 with the F136 V8 engine from a Ferrari 458, has to be one of craziest projects ever envisioned. While the finished project will be nothing short of extraordinary, Tuerck reveals some of the finer details on fitting a large Italian engine into a small Japanese car. One of the most difficult tasks with the engine swap is getting the V8 to fit in the 86's compact engine compartment. Since the V8 is taller and longer than the stock 2.0-liter four-cylinder engine, Tuerck and his team have had to do a lot of cutting and fabricating. Tuerck also revealed that the vehicle wouldn't be used in competition, which allows the team to go beyond the rulebook in terms of body strengthening and custom components. There's still a lot of work to be done, but Tuerck claims the vehicle will be ready by October. Donut Media, the YouTube channel that is covering the build, promises to cover every aspect of the project including the first start, which should be coming soon. Related Video: News Source: YouTube via Donut MediaImage Credit: Donut Media Aftermarket Weird Car News Ferrari Toyota Performance Videos toyota 86 engine swap scion frs

Vice chronicles Okinawa's illegal street racing scene

We all know that street racing is dangerous, and that motorsports are best left on the track or drag strip. However, that doesn't mean that there still isn't some outlaw allure among enthusiasts of racing on public roads. In this video, Vice Japan profiles Eikichi Nagayoshi of Japan's island of Okinawa. He is a used car dealer by day and an illegal racer by night.
Nagayoshi has a deep love for his highly customized Toyota Aristo (better known to us as a first-generation Lexus GS) that he claims produces over 1,000 horsepower and has hit 205 miles per hour. He races his car both on drag strips and in drifting competitions, but says that he often has to ship the car to mainland Japan to compete. In the absence of those opportunities, he sometimes gathers friends and takes the racing to the public roads. While we're not down with street racing, this Vice video is an intriguing personality piece, as well as a look into Japan's fabled underground racing scene. Scroll down to check out the video, but make sure you have the "CC" button clicked, because several portions are subtitled.