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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 E9 3.0L CSL Batmobile is an awesome retro racer

When BMW released pictures of its 3.0 CSL Hommage earlier this year and then brought a period-livery racing example to Pebble Beach, this is the car it was looking at. The BMW E9 New Six CS came before BMW Motorsport and BMW M cars existed, and well before the tagline "The ultimate driving machine," but it paved the way for all of them. Built as a road-going coupe from 1968 to 1975, 1,265 units out of a total production run of 30,546 units were homologated for the European Touring Car Championship. Fitted with the final specification aero package in 1973 and powered by a 3.003-liter inline six-cylinder with a base rating of 200 horsepower, it proved such an able racer that it won the overall ETCC trophy six times - four of those after its road car donor had ceased production, and a bunch of other races like a class win at Le Mans. Clean samples go for huge money. That aero kit earned it the nickname "Batmobile," and Car Throttle drove a left-hand-drive version in the UK (BMW did build 500 right-hand-drive models, though). This is less a car review and more a dream drive, the host letting us know right off that the 3.0 CSL is the one car he's wanted to drive more than any other. He also finds that the Coupe Sport Leicht had a stop/start system... of the temperamental kind. Check it out in the video above. Related Video:

BMW wants world drifting record back in US

BMW just can't stand the thought of the world record for the longest drift winding up in the hands of someone else. The German automaker is set to take a crack at setting a new record by blowing the old one straight out of the water. A driver in China holds the current title after kicking a car sideways for a full 3.6 miles. Now, on May 11, BMW Performance Driving Instructor Johan Schwartz will attempt to pitch a BMW M5 sideways for some 40 miles as part of a stunt to raise funds for the BMW Pro-Am Charity.
We've had the distinct pleasure of riding with the instructors at the BMW facility in South Carolina, and we can tell you that if anyone can keep an M5 at full tilt for 40 miles, it's these guys. BMW has released a teaser video to drum up attention for the stunt. You can catch it below.