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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 i8: Jaw-dropping style and green performance, but why?

Why is there a BMW i8? Given the relative simplicity, affordability, practicality and energy efficiency of BMW's i3 sedan – available as a $42,000 all-electric or $46,000 extended-range EV – why design, engineer and build the much more complex and expensive ($137,450) but much less practical, exotic plug-in hybrid i8 2+2 sports car? Are i8 sales really worth BMW's huge investment of engineering effort and dollars? In 2015, BMW sold 2,265 i8s in the US, or about 189 a month. That compares to 11,024 (919 a month) for BMW's own i3, an estimated 27,840 (2,320 a month) for Tesla's battery-only EV Model S sedan and 1,024 (85 a month) for Cadillac's handsome, more practical and less expensive (but ridiculously overpriced and dismal-selling) ELR extended-range-EV luxury coupe. Are such sales really worth BMW's huge investment of engineering effort and dollars? The i8's lightweight Carbon Fiber Reinforced Plastic (CFRP) "Life Module" passenger cell rides on an aluminum "Drive Module" chassis that houses its complex propulsion system – a 228-horsepower, 1.5-liter turbocharged gas 3-cylinder (half of BMW's 3.0-liter twin-turbo straight six) driving its rear wheels through a six-speed automatic and a 129-hp electric motor twisting its front wheels through a "two-stage" automatic – and a 5-kWh lithium-ion battery. Its drag coefficient (Cd) is an aero-slick 0.26, and BMW says it can run on battery energy alone for up to 22 miles. Its total system output is a healthy 337 horses, and its EPA economy is 76 miles per gallon equivalent in gas-electric mode, but just 28 mpg when it's gas-only. A Driver Experience Control and an eDrive button offer EV and Comfort modes, plus Eco Pro (12 percent more range) and Eco Pro+ (12 more). So what is this gorgeous plug-in hybrid sports car like to drive and live with? I missed its press launch so have been hoping for some quality time with one ever since. Production has been limited, and US press cars are few, but BMW said I would eventually get my chance. It finally happened. If the unlovely i3 is a green technology revelation, this supermodel-sexy i8 is a green styling and performance revolution. If the i3 is the practical soccer mom of battery BMWs, the i8 might be the ultimate Teutonic trophy wife. But really, why do it? For starters, just look at it. Some might see a new, high-tech take on the Giugiaro-designed BMW M1 mid-engine sports car. Just 453 of those were built from 1979 to 1981.

Chevy Traverse, Hyundai Santa Fe revealed; Buick Envista, BMW M4 CSL driven | Autoblog Podcast #790

In this episode of the Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Senior Editor John Beltz Snyder. After some banter, including the discussion of an excellent tomato sauce recipe, they get into car reviews. Greg has been driving the Mercedes-AMG GLE 53, while John has been testing the BMW M4 CSL and Buick's new Envista crossover. There's lots of interesting news this week. Chevy revealed the 2024 Traverse with new looks, a new engine and on off-road(ish) trim. Hyundai gave us a glimpse at the wild styling of the next Santa Fe. Dodge might bring back the Stealth nameplate as an SUV, and that has implications for the Durango as well. Ford, after repeatedly raising prices, has turned around and significantly discounted the F-150 Lightning across all trims. The first Tesla Cybertruck has rolled off the line as a pre-production prototype. Finally, we reach in to the mailbag and help a listener decide what to do with cars for himself and his kids in this week's Spend My Money segment. Send us your questions for the Mailbag and Spend My Money at: Podcast@Autoblog.com. Autoblog Podcast #790 Get The Podcast Apple Podcasts – Subscribe to the Autoblog Podcast in iTunes Spotify – Subscribe to the Autoblog Podcast on Spotify RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown Cars we're driving 2023 Mercedes-AMG GLE 53 2023 BMW M4 CSL 2024 Buick Envista 2024 Chevrolet Traverse gets rugged looks, new turbo engine, Z71 trim 2024 Hyundai Santa Fe revealed with a radical redesign Dodge Stealth coming with new platform, looks, and powertrains in a year (Bonus reading: check out Dodge Stealth listings) Ford F-150 Lightning gets significant price cut across the full range First Tesla Cybertruck pre-production prototype comes off the line Spend My Money Feedback Email – Podcast@Autoblog.com Review the show on Apple Podcasts Autoblog is now live on your smart speakers and voice assistants with the audio Autoblog Daily Digest. Say “Hey Google, play the news from Autoblog” or "Alexa, open Autoblog" to get your favorite car website in audio form every day. A narrator will take you through the biggest stories or break down one of our comprehensive test drives. Related video: Green Podcasts BMW Buick Chevrolet Dodge Ford GM Hyundai Mercedes-Benz Tesla Truck Crossover SUV Electric Future Vehicles Luxury Off-Road Vehicles Performance