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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.

VW Group to split brands under four holding companies

The Volkswagen Group is planning a tremendous shift in its internal structure that will decentralize operations by splitting its 12 brands into four different holding companies. Here's the breakdown. Things will be split logically, considering the inter-sharing of parts, platforms, and engines. The Volkswagen brand, Seat, and Skoda make up a passenger vehicle division led by former BMW man Herbert Diess. Audi, which is tightly intertwined with Lamborghini and motorcycle manufacturer Ducati, will be managed by current Audi exec Rupert Stadler. Porsche and Bentley, which are already quite close, will be joined by Bugatti and run by Matthias Mueller. Finally, a commercial vehicles division will include Volkswagen Commercial, Scania, and Man. Former Daimler exec Andreas Renschler will take care of the big vehicles. The massive move, according to Automotive News Europe, is part of an internal VAG effort to move away from the structure established by ousted Chairman Ferdinand Piech, who favored a compact, but highly centralized, management structure to oversee the independent actions of the company's brands. Criticism of Piech's arrangement stemmed from the company's slow responses to changes in the market, ANE reports. The new structure should make for a more efficient, streamlined company that's better able to make crucial decisions. What are your thoughts? Should VAG decentralize, or did Piech have the right idea? Have your say in Comments.

VW spending $10 million on EV infrastructure, calls on Congress for help

It must be the season of big EV infrastructure announcements. In the last few days, we've heard from Bollore in France, PG&E in California and now VW. The German automaker says it will spend a total of $10 million on electric vehicle charging infrastructure by 2016. That includes the previously announced ChargePoint investment VW made with BMW and work the automaker is doing to get chargers for cars like the e-Golf installed as its dealerships. But Jorg Sommer, Volkswagen of America'sl VP of product marketing and strategy, said today in Washington, DC that automakers need help from the federal, state and local governments to turn electric mobility into a thing. Speaking at the 2015 Electric Drive Congress, Sommer said VW would like the Feds to support fast charging networks in urban areas as well as interstate corridors and that governments should "commit to cleaner fleets by purchasing EVs and PHEVs. This should be a US Government priority," he said. He also suggested that the plug-in vehicle multiplier credits under the EPA's greenhouse gas regulations should be extended beyond the 2021 model year. VOLKSWAGEN OF AMERICA TO INVEST $10 MILLION IN ELECTRIC VEHICLE CHARGING INFRASTRUCTURE BY 2016 Feb 10, 2015 Washington, D.C., February 10, 2015 – Jorg Sommer, vice president, product marketing and strategy, Volkswagen of America, today presented Volkswagen's holistic approach to e-mobility surrounding the launch of the zero-tailpipe emissions 2015 e-Golf, including a $10 million commitment to support electric vehicle infrastructure by 2016. During a presentation delivered at the 2015 Electric Drive Congress in Washington D.C., Sommer stated that Volkswagen believes continued legislative support is needed to reach the next level of electric vehicle adoption. "Automakers have effectively delivered electric vehicles that can satisfy the needs of most American drivers," said Sommer. "In addition to the investment we and other companies and industries are making, we would like to see Federal financing support for establishing fast charging networks in urban areas and interstate corridors. We'd like to see more state and federal organizations commit to cleaner fleets by purchasing EVs and PHEVs. This should be a U.S. Government priority, and federal purchasing guidelines should reflect that by giving fleet purchasers the flexibility they need," Sommer said.