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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.

Refreshed BMW 6 Series sports an understated redesign in Detroit [w/video]

BMW is keeping its refresh for the 2015 6 Series family very subtle. The tweaks amount to an understated nose job for the luxury models and some new standard tech, as well. The Bavarian brand is definitely not going too far with this redesign for the vehicles, and they even remain mechanically the same. The most obvious change for the latest 6 Series models is the sharpened front end. BMW explains that the grille now features nine slats, rather than ten. Clearly, this is a major change in design. The lower air dam is slightly reworked to accentuate the vehicles' width, and, in addition, the four-door benefits from a tweaked window surround with the Gran Coupe name embossed near the rear doors. All versions also get standard full-LED headlights. Inside, there's high-gloss black trim covering the center and LEDs illuminating portions of the interior. Beyond these minor alterations, BMW is offering two new options packs for the family that tweak the looks. While the company doesn't have any earth-shattering changes in store, they are there. Try to spot the changes in the refreshed 6 Series models as they sit on the floor of the 2015 Detroit Auto Show. The new BMW 6 Series: Three Body Styles Rejuvenated and Ready to Take on the Competition Woodcliff Lake, N.J. - December 10, 2014 6:00pm EST/3:00pm PST... Through three generations, the BMW 6 Series has defined that unique blend of style and elegance with the performance and handling that one would expect of The Ultimate Driving MachineTM. For the 2015 model year the third-generation of BMW 6 Series receives a range of enhancements that refine the character that is unique to the 6 Series. Now offered in three distinct body styles – traditional two-door Coupe, open-air Convertible and unique four-door Gran Coupe – all three are again offered with a choice of BMW TwinPower Turbo engines, the 315 horsepower inline-six in the 640i models and the 445 horsepower V8 in the 650i models. Sitting at the top of the 6 Series range, in terms power and performance, is the BMW M6 with its 560 horsepower M TwinPower Turbo V8, again available in all three body styles. The 2015 BMW 6 Series will make its world debut at the North American International Auto Show and arrives in US showrooms in the first quarter of 2015. Sports performance and luxury – a combination rich in tradition. The new BMW 6 Series model range follows in a BMW tradition of legendary dream cars which now stretches back more than 75 years.

Senior VP Hildegard Wortmann says BMW's electric journey is just beginning

Anyone who questions BMW's effort or sincerity on electrified vehicles should have a chat with Hildegard Wortmann, the German automaker's senior vice president over product management for automobiles and aftersales. I was fortunate to do just that at the Detroit North American International Auto Show earlier this year. ABG: Where might BMW go with electrified vehicles beyond your i3 urban EV and i8 high-performance hybrid sports car? "That [regulatory] train has left the station" - Hildegard Wortmann HW: I think a big advantage is that we now have two bookends: BMW i [green] and BMW M [high performance]. We can use those bookends to foster the BMW brand in total. Are electrified vehicles the answer to CAFE and European regulations? Is that the future? We don't know, but that [regulatory] train has left the station. To achieve all of these regulations worldwide, there is no way to do it without electrification. That is why the activities of BMW i are not just to launch new products. They are our build-up in competence for learning and gaining experience in electrification. We will use those learnings for the total BMW brand. Technology-wise, we now have a really good understanding of what to do, what not to do, how to work with this and how to get a lot of learnings from the infrastructure and everything that goes with it. And depending on how quickly the market takes off, we can scale it and use it across the range. We will use the competence we will have in vehicle electrification for more than just BMW i. There will be other derivatives and electrification of other products. ABG: Do you see BMW offering pure EVs with larger batteries for greater range? HW: That's a big feature of the Tesla. The question is to find the best balance [of range vs. battery size, weight and cost]. On the i3, we tried to have the right balance between how much range customers need for daily driving and how much battery we put in there. The market will show us. We have over a million kilometers driven by consumers in the Mini E and ActiveE and a fairly good understanding that those people are not driving that much. Putting a really big battery with all that weight into a car that is meant for urban mobility does not make sense. ABG: What about extended-range EVs beyond the i3's optional small range extender engine? "This whole EV movement is in its very early stages." HW: This whole EV movement is in its very early stages.