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VW and partner SAIC start building $2.5B Audi plant in China

BEIJING — Volkswagen AG's China joint venture with SAIC Motor Corp has started building a $2.5 billion new energy vehicle (NEV) plant in Shanghai, which will make VW's luxury Audi brand cars, a possible first for the venture. The new plant is a key step for Audi to diversify production of its cars in the world's largest car market from its long-standing local partner, China FAW Group Corp. This shift has been delayed amid resistance from local dealers. SAIC Volkswagen said the new plant would have an annual capacity to make 300,000 cars and begin production from 2020. Audi sold 481,387 vehicles in China from January to September this year. The announcement comes the same week Tesla secured a Shanghai location for a Gigafactory battery plant to serve the Chinese market. Audi unveiled the plan to bolster ties with SAIC in late 2016. Earlier this year, the Germany luxury carmaker bought a 1 percent stake in the SAIC Volkswagen venture, paving the way for the joint venture to produce and sell Audi cars. Volkswagen currently gets a larger proportion of the proceeds from the 50-50 tie-up with SAIC than from its 40 percent stake in the venture with FAW. SAIC Volkswagen said in a statement on Friday the plant would cost 17 billion yuan ($2.5 billion) and would make VW and Skoda models as well as Audi cars. It will help VW tap China's fast-growing market for NEVs, a category comprising electric battery cars and plug-in electric hybrid vehicles. ($1 = 6.9314 Chinese yuan renminbi) Reporting by Yilei Sun and Adam JourdanRelated Video: Image Credit: Reuters Green Plants/Manufacturing Audi Volkswagen Skoda Electric Hybrid

Audi's Quattro division is now Audi Sport, and it has 8 new models on the way

Audi announced today that its Quattro GmbH performance and technology division will officially be renamed Audi Sport GmbH. The name change is the first since the division's introduction in 1983, and it should more clearly describe its function within the company and remove confusion with the Quattro all-wheel-drive system offered on all Audis, sporty or not. With its new name, Audi Sport will continue to handle the brand's RS models, the R8, customer race cars, customized road cars, and Audi Sport lifestyle products. While the clearer new name is good news, we're more interested in the division's announcement that it will release eight new cars in the next 18 months. The company didn't reveal exactly which cars these will be, but it did clarify which cars Audi Sport is currently responsible for. These include all variants of the RS 3, RS Q3 crossover, RS 6, RS 7, TT RS, R8, and S8 plus. Since the A4/S4 and A5/S5 models were just redone, we can guess that they will be next on the list for RS-ification, resulting in new RS 4 and RS 5 models. If that includes Sportback, coupe, and cabrio versions of the RS 5, and an RS 4 sedan and Avant, that would put us up to five already. Both the A6 and A7 have only seen a minor refresh recently, so it's likely that we'll see new versions of each soon followed by their own RS variants. However, whether those fit in the 18-month window will depend on how soon we see the standard models. Our other guesses are a bit fuzzier, and based completely on speculation. We could imagine one or two ultra-high-performance R8 models being announced – something like the last-gen R8 GT, perhaps offered in coupe and spyder forms – as well as RS versions of the other members in Audi's crossover fleet, the Q5 and Q7. It's also possible one of the models could be a new customer race car, since Audi Sport currently builds and sells the R8 LMS race car. At the very least, we know the Audi Sport folks are busy and people will no longer get them confused with an all-wheel-drive system. Related Video:

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.