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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.

11M VW diesels affected, Porsche and Audi under investigation

Volkswagen's diesel scandal is growing exponentially larger. In a new statement, the company admits that 11 million vehicles worldwide might be equipped with software capable of evading emissions testing. In addition, the Environmental Protection Agency is beginning an investigation into the 3.0-liter V6 in Audi models and the Porsche Cayenne in the US, according to The Detroit News. The automaker claims that from its investigation so far, the "relevant engine management software is also installed in other Volkswagen Group vehicles with diesel engines." However, the company finds that the "noticeable deviation" in test results and real-world numbers only relates to the Type EA 189 powerplant. That still leaves 11 million vehicles potentially skirting emissions rules, though. Governments around the world have started taking a closer look into the company, too. In the US, the EPA has begun testing VW's V6 diesel because "they were certified well before we knew what we know now," Christopher Grundler, director of the EPA's Office of Transportation and Air Quality, said to The Detroit News. The agency has started checking diesels from other automakers to make sure they're meeting the rules, as well. Germany, the European Union, and South Korea have instituted similar investigations. In response, VW is setting aside 6.5 billion euros ($7.25 billion at current rates) to cover servicing all of these diesels. The company admits that the figure might have to be adjusted depending on what happens next. The money is being deducted from its third-quarter earnings. Related Video: VOLKSWAGEN AG HAS ISSUED THE FOLLOWING STATEMENT: Sep 22, 2015 Volkswagen is working at full speed to clarify irregularities concerning a particular software used in diesel engines. New vehicles from the Volkswagen Group with EU 6 diesel engines currently available in the European Union comply with legal requirements and environmental standards. The software in question does not affect handling, consumption or emissions. This gives clarity to customers and dealers. Further internal investigations conducted to date have established that the relevant engine management software is also installed in other Volkswagen Group vehicles with diesel engines. For the majority of these engines the software does not have any effect. Discrepancies relate to vehicles with Type EA 189 engines, involving some eleven million vehicles worldwide.

2016 Audi A6 to start at $46,200*, A7 begins at $68,300*

Audi has announced pricing on the new A6 sedan and A7 four-door coupe, with the former starting at $46,200 for a 2.0-liter, turbocharged four-cylinder and front-wheel drive. Of course, things can and do climb rapidly from there. Adding Quattro all-wheel drive to the four-cylinder model bumps the price up $2,200, while moving from the base Premium to the mid-level Premium Plus trim will add $3,700, regardless of the drivetrain. Speaking of that Premium trim, it's only available on the 2.0-liter A6. Every other variant starts with the Premium Plus. At that point, the cheapest six-cylinder you can get is the $57,400 model, while the diesel-powered A6 TDI starts at $59,500. Moving up to the top-end Prestige trim bolsters the price by $4,200, for both engines. If you fancy the sleeker lines of the A7, the entry-level 3.0-liter Premium Plus can be had for $68,300, while the TDI runs $70,400. While the starting price is higher than the A6, adding the Prestige trim is more reasonable, with both engines demanding $2,650 for the top-tier equipment level. And of course, we can't get away without mentioning Audi's high-performance models. A base S6 Premium Plus begins at $70,900, while the Prestige is $75,300. The S7 and RS7, both of which are limited to the Prestige trim level, start at $82,900 and $108,900, respectively. None of the above prices include the standard $925 destination charge. Scroll on down for the official press release on the pricing changes for the new Audi A6 and A7. Related Video: Audi announces pricing for the new 2016 A6 and A7 model lines April 17, 2015 | Herndon, Virginia Award-winning vehicles get more dynamic designs, improved technology and greater power and efficiency New 2.0 Liter TFSI engine – the most powerful engine in its class, with greater performance and efficiency Standard next generation of MMI® with Audi connect® and rapid 4G LTE connectivity Audi today announced pricing for the 2016 A6 and A7 model lines. With new engines and updated design, all Audi A6 and A7 models now offer more power, greater fuel efficiency and class-leading technology for two of the Audi brand's top-selling vehicles. The 2016 A6 and A7 sedans boast more athletic design as well as new headlights and driver assistance systems. New infotainment systems provide even higher levels of interior luxury and refinement.