1970 Chevrolet El Camino 454 Ss on 2040-cars

Auto blog

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.

Drivers buy new $300K McLaren 720S, 2019 Chevy Corvette, and wreck 'em

Two high-powered, high-priced sports cars, wrecked in their infancies. No doubt they were fun while they lasted. In Great Falls, Va., a tony suburb of Washington, D.C., that hugs the Potomac River, someone was out enjoying driving the McLaren 720S they had purchased only the day before on a leafy, two-lane road. Then, horror: In an instant, the car hit a tree, mangled and destroyed "because of speed," according to the Fairfax County Police Department. Purchased Friday. Totaled Saturday. This McLaren 720S, costing around $300,000, was destroyed today in Great Falls because of speed. The driver was taken to the hospital with thankfully only non-life threatening injuries. A reminder to slow down, or it could cost you. pic.twitter.com/XhC3LKRY1t — Fairfax County Police (@FairfaxCountyPD) July 14, 2018 Then on salvage auction site Copart, a brand-new orange 2019 Chevrolet Corvette Grand Sport lies in a warehouse in Lincoln, Neb., its front left corner crushed, wheel askew. It had just 15 miles on the odometer. We know nothing of the backstory, except for the obvious front-end damage and secondary damage to the undercarriage. The rear end and 6.2-liter V8 engine, which makes 460 horsepower and 465 pound-feet of torque, look OK. The most current bid as this was published was just north of $9,000. It's tempting in both cases to assign the blame to over-eager drivers who weren't quite yet able to corral all that power. In the case of the McLaren, the supercar makes 710 horsepower and 568 pound-feet of torque from its quad-cam, twin-turbo 4.0-liter V8. It goes from 0-62 miles per hour in 2.9 seconds and boasts a top speed of 212 mph. We're not saying the unidentified driver was a newbie, but this car is definitely not for newbies. Police write that the incident is "A reminder to slow down, or it could cost you." As in, $300,000. Or at least the depreciation for driving it off the lot. Related Video:

5 classic trucks and their polarizing modern revivals

EVs are helping eliminate Detroit's gas-guzzling problem. Some revivals of gas-powered classics are getting the EV treatment.  But not every revived model looks exactly like its original counterpart. We're in a new era of hulking Detroit metal, and you can thank EVs. Americans can't get enough of their big, beefy trucks and SUVs. But for many years, some of the biggest gas guzzlers fell out of fashion as gas prices rose and emissions regulations tightened. But in the past few years, some of the most iconic American truck nameplates have been brought back to life with electric motors, like the GMC Hummer. In other cases, as with the Ford Bronco, improvements in engine technology and more interest in rugged adventure vehicles made a gas-powered revival possible. Even some revivals that started as gas-powered, like the Chevy Blazer and the Jeep Wagoneer, are now getting electrified spinoffs. (Even if they don't always look quite as sleek as their original inspiration.) Here are side-by-sides of five classic American trucks and their modern counterparts. The Jeep Wagoneer 1975 Jeep Wagoneer and 2024 Electric Jeep Wagoneer SStellantis After a long wait, Jeep released its revival of the classic Wagoneer and Grand Wagoneer in 2020. Starting later this year, an electric version of the luxury Jeep SUV will join the Wagoneer lineup. The Chevrolet Blazer A 1973 Chevrolet Blazer and a 2024 Chevrolet Blazer EVGetty Images, General Motors The Chevrolet Blazer was first rebooted in 2019 as a sporty family SUV. The modern Blazer shares zero resemblance to its boxy, off-roading older sibling, but it has still managed to become one of Chevy's more popular SUVs in recent years. The Blazer EV came later, and was one of the first models GM built on its new Ultium battery platform. The Hummer A Hummer H2 and the 2023 Hummer EV pickup truckGetty Images, General Motors Once the poster child for Detroit's big, bad gas guzzlers, the Hummer got new life as an electric pickup truck in 2021. The Ford Bronco A 1971 Ford Bronco and a 2022 Ford BroncoFord Motor Co. After a rouge group of engineers and designers inside Ford spent years trying to breathe life back into the Blue Oval's boxy off-roader, the Ford Bronco was finally resurrected in 2020 amid a rise in popularity for rugged adventure vehicles. The Ford Ranger 1985 Ford Ranger and a 2024 Ford RangerFord Motor Co.