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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 CEO Winterkorn issues video apology for diesel scandal

Amid rumors that he might step down from the automaker, Volkswagen CEO Martin Winterkorn has issued a video statement publicly apologizing for the company's diesel emissions scandal. The boss claims that he doesn't have the answers to all of the questions yet but promises a thorough investigation to makes things right. Multiple times in the speech, he asks forgiveness from customers all over the world and asks people not to blame all of the company's 600,000 employees for this lapse. At no point does Winterkorn mention resigning, though. You can watch the whole clip above, but it's in German, so turn on the subtitles. However, Winterkorn's future with VW isn't assured, and works council boss Bernd Osterloh appears ready to make some changes. "I can assure you that we will do everything possible in the supervisory board meetings this week to ensure the matter is cleared up quickly and that personnel consequences are drawn. And that will not just affect the rank and file, I can assure you," he said in a letter to Bild, according to Reuters. Earlier today, the automaker admitted that the same engine management software is in vehicles from other VW group brands, but it claims that the Type EA 189 engine is the only one with a deviation between test results and real-world numbers. That mill is installed in 11 million vehicles across the globe. As a start, VW is earmarking 6.5 billion euros ($7.3 billion at current rates) to service them. The actual costs could go much higher, though.

Horn, Hackenburg, Hatz to be fired as VW diesel scandal deepens

Volkswagen will sack three more high ranking executives, including the head of its US division, as the company's diesel scandal deepens. Reuters reported Thursday morning that the executives are: Michael Horn, who has led VW's US operations since January 1, 2014; Ulrich Hackenberg, who oversaw Audi's research and development; and Wolfgang Hatz, who was in charge of R&D for Porsche. A VW spokesman wouldn't comment in response to an Autoblog email. The moves come in the wake of longtime VW chief executive Martin Winterkorn stepping down on Wednesday. Volkswagen's board said at the time that it expected more personnel changes to follow. Volkswagen's board is scheduled to meet Friday, and Porsche CEO Matthias Muller has reportedly been named as Winterkorn's successor. The German auto giant was plunged into crisis last Friday when the EPA charged that the company manipulated software in its diesel-powered cars to pass US emissions tests. About 482,000 vehicles in the US are affected, and VW estimates 11 million around the world could have the rigged software. The revelations have prompted outcry from governments and regulatory agencies, and in the US, Volkswagen could face a fine of up to $18 billion. The departure of Horn, Hackenberg, and Hatz is a stunning downfall for three of the company's top and most visible executives. Horn had led US operations for less than two years, taking over from Jonathan Browning, who was well-respected but failed to reach VW's ambitious sales targets. Before overseeing Audi R&D, Hackenberg was hailed as a visionary for work in developing VW's modular architectures, which allow the company to save time and money by building many vehicles off the same chassis. Hatz had led Porsche R&D since 2011 and also was in charge of engines and transmission development for all of Volkswagen. Related Video: News Source: ReutersImage Credit: Getty Images Government/Legal Green Hirings/Firings/Layoffs Audi Porsche Volkswagen Emissions Diesel Vehicles vw diesel scandal vw diesel ulrich hackenberg michael horn wolfgang hatz