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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.

Weekly Recap: Ferrari plans to gradually increase production by 2019

Ferrari has long been known for the exclusivity of its performance machines. It's on a different level than Porsche, BMW, and Mercedes. But as it transitions to a new era of independence from Fiat Chrysler, Ferrari is going to get a little less exclusive. It's by design, and it means a subtle, slow ramp-up of production – a move Ferrari believes will ensure its future by meeting growing demand in new markets. The strategy was detailed in SEC documents filed this month as part of the company's pending stock offering. The files reveal Ferrari will gradually increase shipments to about 9,000 units per year by 2019. This is a reversal of Ferrari's 2013 plans to cap production at 7,000 cars annually, which it hit on the nose that year. Ferrari shipments inched up to 7,255 in 2014, though that's down from 2012's record tally of 7,405. Ferrari is a vastly different operation than it was in 2013. Longtime chairman Luca di Montezemolo stepped down last fall, and FCA chief executive Sergio Marchionne has been overseeing the company since then. Its IPO has attracted high levels of attention from enthusiasts and investors. As expected, demand has reportedly outstripped the availability of the stock, which has an estimated offering price of $48 to $52 a share. Speaking of more Ferraris, the company revealed a limited-edition model this week called the F12tdf (shown above). Based on the F12 Berlinetta, the car is a salute to the Tour de France endurance auto race that Ferrari dominated in the 1950s and '60s. The V12 engine's output increases to 769 horsepower, while weight is cut by 243 pounds – allowing for a sprint to 60 mph in 2.9 seconds. Dramatic carbon-fiber elements and a radical redesign of the body panels give the F12 a more dramatic look. It will be limited to 799 units over the life of the car. If this is how Ferrari is increasing production, we're more than okay with the company's new strategy. OTHER NEWS & NOTES Tesla software unlocks Autopilot features Tesla released the latest version of its software for the Model S this week, which allows the all-electric sedan to drive in a semi-autonomous state called Autopilot. Tesla Version 7.0 enables the Model S to maintain lane position, change lanes by touching the turn signal, and manage the car's speed using an advanced, traffic-sensing cruise control. It also has a parallel parking feature, which searches for open spots and then parks your Tesla.

Revised 2015 BMW 6 Series family shows its tweaked face to the world [w/video]

BMW is unwrapping refreshed versions of its luxurious 6 Series family for the 2015 model year, and the range features some styling tweaks inside and out, along with new standard tech. The biggest change for 2015 is a redesign at the front end to make the 6 look even sharper than before. Only BMW superfans might notice one of the reasons why, though. There are now nine slats in the kidney grille instead of 10 to create larger openings. In addition, all versions get standard Adaptive full-LED headlights with a slightly more angular shape. They're joined by new side mirrors with integrated indicators in thin strips of lights. Lower down, a revised front air dam boasts a tweaked design and LED foglights at each top edge. Updated side window surrounds are exclusive to the four-door model and feature the Gran Coupe name embossed into them near the rear doors. Buyers of any of the models can choose among a palette of new colors including: Jatoba metallic, Cashmere Silver metallic, Glacier Silver metallic, Mediterranean Blue metallic and Melbourne Red metallic. For 2015, the interior revisions are subtle. There's high-gloss black trim covering the center console, and LEDs are used for some lighting. Navigation, heated front seats, two-zone climate control, dynamic cruise control and heated exterior mirrors all come standard for all models, though. If the regular leather doesn't suit you, then there are now Ivory White/Black and Cognac/Black two-tone Nappa options. Mechanically, the 6 Series family carries over from last year. That gives the 640i a turbocharged 3.0-liter inline-six making 315 horsepower and the 650i a turbo 4.4-liter V8 with 445 hp. The M6 carries over its 560-hp version of the V8, too. Standard models get an eight-speed automatic with optional all-wheel drive, and the M has a seven-speed dual-clutch. If all this isn't enough for some buyers, there are also two new optional packs. The Black Accent Package adds high-gloss black parts for the grille, window surrounds and pipes, plus includes Cognac/Black leather inside with wood trim. The M Sport Edition brings an M body kit, steering wheel and 20-inch wheels, along with cabin additions like a leather dashboard, ventilated seats and soft-close doors. Read all the details about the latest crop of 6 Series models in BMW's verbose press release below, and while you're there, check out an official BMW video.