2021 Volvo V60 Cross Country T5 on 2040-cars

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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.

2015 Volvo Ocean Race XC60 priced from $42,100*

Every three years, a half dozen or so teams of sailors embark on an epic eight-month, round-the-world sailboat race formerly called the Whitbread Round the World Race and known since 2001 as the Volvo Ocean Race. This year's event started a month ago in Alicante, Spain, and will end next June at the Swedish automaker's hometown of Gothenburg. And to mark the occasion, just as it has in years past, Volvo has launched a special edition of one of its roadgoing models.
The Volvo Ocean Race XC60 was launched this weekend at the Miami Auto Show. Based on the XC60 crossover we know well, the limited edition is distinguished by its Ocean Blue II paintjob, unique 18-inch wheels, a choice of black or light leather interior with orange stitching and a series of special badges inside and out.
Buyers will be able to choose between the T6 Drive-E and T6 AWD models, priced from $42,100 and $43,600 respectively. That represents a $1,200 premium over models on which they're based, on top of which, Volvo has confirmed in correspondence with Autoblog, the usual $925 destination charge applies.

Daimler and Geely collaborate to develop 'a highly efficient modular engine'

BERLIN — German car maker Daimler said on Tuesday it will cooperate with China's Geely to build next-generation combustion engines for use in hybrid vehicles. Efforts to share development costs come as the growth potential for combustion engines faces the twin threat of the COVID-19 crisis and stricter fuel-efficiency and emission rules. "The companies plan to develop a highly efficient modular engine," a spokesman for Daimler said, adding that it would be used in hybrid drivetrains and manufactured in Europe and China. Geely declined to comment. The modular engine will be used in cars under different marques at Geely and Daimler, a person familiar with the matter said on condition of anonymity as the companies are still in the early stages of developing the engine. News of the alliance was a surprise to Daimler's works council at its factory in Untertuerkheim, which specializes in electric and gasoline powertrain assembly. "We are speechless. There was not even a discussion about potential alternative manufacturing locations," said Michael Haeberle, the works council chief for Untertuerkheim. "We have the ability to build four-cylinder engines in Untertuerkheim, but there were no talks about it." Daimler said German factories will be retooled gradually to add electric drivetrains production. Most of the next-generation combustion engines will be made in China, business daily Handelsblatt reported. The alliance with Geely, which owns a 9.69% stake in Stuttgart-based Daimler, means that parts of Daimler's existing partnership with Renault could be pared back. A Renault source told Reuters that the Daimler-Geely project does not mean an end of cooperation between Daimler and Renault. Citing Daimler sources, Handelsblatt said the Daimler-Geely pact would save the German carmaker a "triple-digit million sum" — implying an amount above 100 million euros ($119 million) and less than 1 billion euros. Green Mercedes-Benz Volvo Hybrid Daimler Geely