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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.

First batch of 2022 Cadillac CT4-V, CT5-V Blackwings already sold out

Just a couple of days ago, when the 2022 Cadillac CT4-V Blackwing and CT5-V Blackwing were revealed, Cadillac announced it would start taking reservations for the cars. More specifically, it was taking reservations for the first 250 of each model. They went quite quickly, in just minutes according to a Cadillac representative. Apparently the more powerful CT5-V Blackwing sold out first, closely followed by the CT4-V version. But don't worry, because more of each are on the way. The Cadillac representative said that anyone wanting to reserve one who missed the initial 500 will be put on a wait list and contacted by their local dealer as more orders are available. Not only that, but the additional order slots should open up before production and initial deliveries of the cars begins this summer. So you haven't missed out on a 2022 model yet. As previously covered, the CT4-V Blackwing with its 472-horsepower twin-turbo V6 starts at $59,990. The CT5-V Blackwing starts at $84,990, but it packs a 668-horsepower supercharged V8. Each car also comes with a two-day driving school at Spring Mountain Motor Resort near Las Vegas. Related video:

Ghostbusters trailer stars Ecto1 and a quartet of actresses

"Um... you didn't disclose that the vehicle was going to be a hearse," says funnywoman Melissa McCarthy in the brand-spankin'-new trailer for the upcoming Ghostbusters reboot. Traditionalist fans may be similarly angered by the vehicle's basis, since the original Ecto1 was an ambulance, not a vehicle for the dead. Leslie Jones' response to McCarthy wasn't meant to answer those critics, but it does a good job of it anyway: "It's a Cadillac!" Naturally, there's a lot more to look at in the new trailer than just the Ecto1. There are, obviously, ghosts. Lots of 'em, in fact. There's also an opening piano sequence that's pretty darn great, but we ought to warn you that if you watch the video up above, you're going to be humming the theme from Ghostbusters for the rest of the day. We're sorry, but it simply cannot be avoided. You've been warned. Related Video: