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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.

Cadillac chief says ATS convertible, wagon on the table

What we do know is that the ATS will wear at least one more bodystyle. That comes from Cadillac head Bob Ferguson, who answered "Absolutely" when Automotive News asked him about the possibility of another variant. What we don't know is what that bodystyle or styles will be.
We now have a sedan and coupe ATS, there's supposedly a V sedan coming. After that, a convertible is a likely option given that the man who just became the global product honcho at General Motors, Mark Reuss, admitted to having one already designed in 2012. The decision on it can't get out of the underworld and a wagon is the other option, but the droptop would seem to make the most sense if one considers the competitive set: the BMW 4 Series and Audi A5 convertibles are hot property and Mercedes is bringing a C-Class convertible. Meanwhile wagons are the sentimental utility vehicles that, refusing to die, seem forever destined for life support... CTS Sport Wagon, anyone?
Based on Ferguson's statements, it appears that what Cadillac definitely won't do is play model variant catch-up with the European luxury brands it has spent years hunting down, telling Automotive News, "We want to keep our focus on a limited number of vehicles and do them very well."

Cadillac's striking Escala concept is reportedly headed for production

Cadillac is reportedly planning a new flagship four-door, and it won't be based on its alphanumeric naming system a la the CT6. It'll be the Escala, the stunning concept fastback it revealed in 2016 in Pebble Beach. The news comes via Autoline, which cites AutoForecast Solutions. The Escala is said to be planned for production starting in December 2021 at GM's Detroit-Hamtramck plant, which currently builds the CT6, Buick LaCrosse and Chevrolet Volt and Impala. That suggests the Escala, which was branded as a four-door coupe, will likely keep that layout. It'll also be built on the CT6 platform. Cadillac has been talking about fitting a flagship sedan above the CT6 for years, and the Escala's design language has been influencing bits of other Cadillac models, from the refresh of the CT6 to the broad grille shape on the new XT4 crossover, which debuts at the New York Auto Show next week. The concept Escala featured a wide, muscular stance and a minimalist, white mid-century modern interior aesthetic, with tail lamps that evoke waterfowl in flight. Interestingly, it came equipped with a 4.2-liter twin-turbo V8 with cylinder deactivation, which Cadillac President Johan De Nysschen said at the time was "absolutely worthy of a car of this caliber." But with such a long horizon before production, there's obviously lots of time to develop a more pragmatic production model and cue ravenous speculation. Or, for that matter, to decide to rename it something like the CT8. Related Video: Featured Gallery Cadillac Escala Concept View 33 Photos Image Credit: Jeff Jablansky Design/Style Cadillac Coupe Concept Cars Luxury Sedan cadillac ct6 cadillac xt4 cadillac escala