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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.

Weekly Recap: Ford guns for 2016 Le Mans glory with new GT

On the eve of the 24 Hours of Le Mans, Ford confirmed it will return to the French endurance race in 2016 and campaign the new GT racecar 50 years after three GT40s swept the podium at the Circuit de la Sarthe. The factory will back a two-team, four-car effort that will compete in the World Endurance Championship and the Tudor United SportsCar Championship running cars operated by Chip Ganassi Racing with Felix Sabates. The GT racecar will make its track debut in January at the Rolex 24 at Daytona, and the driver lineup will be announced later. "But rest assured, there's quite a line forming out the door," Ganassi said at the announcement. The GT is the modern successor to the iconic GT40, which won Le Mans four straight years from 1966-1969. The racecar is a rolling testbed of Ford's latest technologies, including a powerful twin-turbo EcoBoost V6. The car also makes extensive use of carbon-fiber pieces and advanced aerodynamics. Ford tapped Multimatic Motorsports of Canada and Roush Yates Engines to aid in the development of the GT racer. The road-going version, which was revealed in January at the Detroit Auto Show, is also set to launch next year. It caps Ford's growing performance lineup, and the company has ambitious plans to launch more than 12 new sporty models by 2020, including hot metal like the Focus RS, F-150 Raptor, and Shelby GT350R. The GT embodies Ford's best tech, but news of its return to Le Mans immediately conjured images of the company's fierce rivalry in the 1960s with Ferrari and intense competition with Porsche. "When the GT40 competed at Le Mans in the 1960s, Henry Ford II sought to prove Ford could beat endurance racing's most legendary manufacturers," Ford executive chairman Bill Ford said in a statement. "We are still extremely proud of having won this iconic race four times in a row, and that same spirit that drove the innovation behind the first Ford GT still drives us today." Ford is going back to Le Mans. Somewhere, Hank the Deuce must be smiling. OTHER NEWS & NOTES 2016 BMW 7 Series arrives in the fall BMW revealed the sixth generation of its flagship 7 Series this week, which will start at $81,300 when it launches in the United States this fall. BMW is billing it as the roomiest 7 Series ever, and it measures 206.6 inches in length.

Rolls-Royce Cullinan, Mercedes-AMG E 53 and BMW 2 Series | Autoblog Podcast #734

In this episode of the Autoblog Podcast, Editor-in-Chief Greg Migliore and Senior Editor, Consumer, Jeremy Korzeniewski kick things off with a discussion of the Rolls-Royce Cullinan and the future of the brand. The Mercedes-AMG E-Class is next up, followed by the BMW 2 Series Coupe.  Next, Senior West Coast Editor James Riswick reports from the ground at the first drive of the latest Honda HR-V. Our hosts revisit the week's news, including automakers requesting a lift of the EV federal tax credit cap, Chevy giving us a peek at its electric Blazer, and Ford recalling millions of vehicles, including about half of all the Mustang Mach-E EVs it has sold. Finally, our guys dig through the mailbag to help a reader decide whether to purchase a Ford Focus ST or another hot hatch. Send us your questions for the Mailbag and Spend My Money at: Podcast@Autoblog.com. Autoblog Podcast #734 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 Rolls-Royce Cullinan Mercedes-AMG E 53 BMW 2 Series Coupe Dispatch from the 2023 Honda HR-V first drive event GM, Ford, Toyota, Stellantis CEOs want EV tax credit cap lifted 2024 Chevy Blazer EV partly revealed, details coming in July Ford recalls Mustang Mach-E, includes stop-sale order Ford recalls 3 million other vehicles 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: