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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.

Hillary Clinton takes to campaign trail in a van called Scooby

It still seems way too early to even starting thinking about the 2016 presidential election, but candidates are already throwing their hats in the ring. Among the officially announced hopefuls so far is former Secretary of State Hillary Clinton. To kick off her run for office, she recently embarked on a long-distance road trip from her home in New York to the campaign battleground of Iowa. Rather than a limo, she was driven there in a conversion van (pictured above) that Clinton named Scooby after Hanna-Barbera's famous, mystery-solving dog. According to Yahoo Autos, the vehicle itself is a Chevrolet Express that has been customized by the Explorer Van Company, and Time says that it's also armored. Clinton isn't behind the wheel, though. All those years in public office mean that the Secret Service does the driving. Of course, the vehicle in Scooby Doo was named the Mystery Machine, and Scooby was mostly brown, not black. To explain the somewhat odd naming, Clinton traveled around in a brown van during her 2000 Senate campaign in New York, and it earned the nickname Scooby, according to Time. Apparently, the moniker has stuck for her latest ride. If the start of the Clinton campaign seems early, she isn't the first White House hopeful to arrive in Iowa this year. A bunch of possible Republican candidates already met at summits in the state at least twice to gain favor ahead of the caucus there. No word on what they were driving...

There are still 6,000 first-gen Chevy Volts on dealer lots

The next-gen 2016 Chevrolet Volt looks to be a pretty fantastic vehicle with more electric driving range, better fuel economy than its predecessor, and a lower starting price. However, if you're looking for a deal, the 2015 model of the plug-in hybrid might not be a bad place to check because Chevy has a ton of them to get rid of. According to The Detroit Free Press, there are around 6,000 examples of the 2015 Volts that are still sitting on dealer lots. That might not sound like a lot, but Chevy only sold 905 of them in April and 2,779 through that month in 2015. It moved 18,805 of the PHEVs for all of 2014. Buyers are in a pretty good spot to haggle at the moment, too, with the a new Volt right around the corner. According to The Detroit Free Press based on TrueCar figures, the current average closing price for a 2015 model is $30,607 before any federal or state tax credits. You can also lease one for 39 months for $299 a month and $1,649 due at signing. In April, Chevy was reportedly offering customers 2.9-percent financing for 48 months and leases with no money down for buyers trading in a vehicle from a competitor. Of course, there's also always the option to buy a pre-owned example. Just a few months ago, prices for used Volts were reportedly as low as $13,000 at auction.