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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.

BMW Looks Toward Future with Vision Next 100 Concept | Autoblog Minute

BMW looks to the future, reveals Vision Next 100 concept.

2014 BMW X5 configurator goes live

BMW won't begin selling the 2014 X5 for another few months, but the German manufacturer has brought the third-generation SAV's configurator online, allowing interested customers to poke around and look at the X5's optional goodies.
Like the 3 Series, the X5 is available in a number of lines that load up extras automatically. There's also a do-it-yourself truck that allows owners to pick and choose if they're not enamored with the styling or trim of one of the dedicated packages. As usual, the options list is quite vast, regardless of which line is chosen. We were able to easily take the new, rear-drive X5 sDrive35i, which started at $52,800, and bring the total price up past $80,000.
The new X5 carries over its 4.4-liter, twin-turbo V8 from the current model, as well as BMW's excellent 3.0-liter, turbocharged inline-six. The X5 xDrive35d, with the 3.0-liter turbodiesel will also be available on the third-generation SUV, but won't hit dealers until early 2014. BMW is stepping outside of the X5's usual bounds, offering a dedicated rear-drive model, available with all the same trimmings as the xDrive vehicles. Head over to BMW's US consumer page and have a go.