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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.

Chevrolet will preview electrified Silverado-like truck at CES 2021

After abandoning its fight against California's lawmakers, General Motors is shifting its electrification offensive into high gear. CEO Mary Barra will give the opening keynote address at the 2021 Consumer Electronics Show (CES), which will be held online, and Chevrolet will provide a peek at its electrified pickup during the event. Insiders familiar with the carmaker's plans told Bloomberg that Barra's address will highlight ways that electrification can improve the environment and society in general. General Motors president Mark Reuss will speak, too, and his remarks will be followed by a video that will highlight several future products, including what the sources referred to as "a plug-in Chevrolet pickup, some Cadillac models, and vehicles for other brands." These comments ask more questions than they answer, because plug-in means many things in this context. Chevrolet's electric Bolt is a plug-in vehicle, as is the upcoming GMC Hummer, but the plug-in hybrid Jeep Wrangler 4xe is one, too, and it's clearly not all-electric. It's often been assumed that Chevrolet's upcoming electrified truck will be electric, but it might arrive with a hybrid powertrain or a gasoline-powered range extender. Chevrolet could also follow Ford's lead and plant a stake in both the hybrid and the electric pickup segments. It's too early to tell if Chevrolet will unveil the same truck it previewed during a presentation earlier in 2020. Shown briefly, it wore a highly futuristic design that gave it a sleeker look than the current-generation Silverado. Cadillac's presentation promises to be interesting, because the company hinted it might abandon gasoline entirely by 2025, several years earlier than expected, even though its dealers aren't all on board with the shift. Going electric-only in about four years would force the brand to conduct a massive overhaul of its range. As of writing, there is not a single electric Cadillac in showrooms, but the Lyriq will arrive in late 2022 as a 2023 model. It's difficult to tell what's in store for other brands, but there are several cars that General Motors could show during CES. Buick doesn't sell an electric car in the United States yet, for example. Alternatively, GMC is working on an SUV variant of the Hummer, and it has started developing an electric truck. Going back to Chevrolet, our crystal ball tells us we'll see more of the 2022 Bolt EUV during the next edition of the tech show, too.

'Tomorrowland' movie will advertise Chevy Volt, E-NVs

Before the 2016 Chevrolet Volt arrives at dealerships, it's going to come to a cineplex near you. The next-generation hybrid and the EN-V electric networked vehicle concept will play bit parts in the background of the upcoming Disney movie Tomorrowland starring George Clooney and Britt Robertson. Chevrolet will run digital and television ads around the movie's opening, which is May 22 in the US. The Bowtie and Disney tie-up is another in their years-long collaboration, going back to the revamped Test Track that opened at Epcot Center in 2012, and Chevolet is also the official vehicle of Shanghai Disney. The press release below has more on the movie and the Volt, the movie trailer is above – there's no Volt in it, but there is a late-model Buick. Chevrolet and Disney See Possibilities in 'Tomorrowland' Film to help kick off marketing efforts for next-generation Chevrolet Volt DETROIT, 2015-03-26 – At their core, Disney and Chevrolet are entities of optimism, believing that with a little ingenuity, anything is possible. They will come together in the new Disney film "Tomorrowland" to imagine the possibilities. The all-new 2016 Chevrolet Volt and EN-V concepts appear in the backdrops of the present day and Tomorrowland. The film's U.S. debut is May 22. In Disney's riveting mystery adventure "Tomorrowland," a jaded scientist and an optimistic teen embark on a danger-filled mission to unearth the secrets of an enigmatic place somewhere in time and space. "Tomorrowland is a place where nothing is impossible, which is something that Chevrolet believes can exist in the here and now," said Tim Mahoney, vice president, Global Chevrolet. "The Chevrolet spirit reflects the hopes and possibilities of tomorrow in real instruments of change for today like the next-generation Chevrolet Volt." The first marketing efforts for the 2016 Chevrolet Volt will be tied to Tomorrowland. A television spot and digital advertising will debut in early May. The all-new Volt is an electric car with extended range, showcasing a sleeker, sportier design that offers 50 miles of EV range, greater efficiency and stronger acceleration. The Volt's new, efficient propulsion system will offer an estimated total driving range of more than 400 miles. With regular charging, owners can expect to average more than 1,000 miles between gas fill-ups. Chevrolet and Disney have a long history of collaboration around the globe.