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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.

AWD turbodiesel Equinox, Terrain dropped for 2020

Citing low demand, General Motors is dropping the AWD diesel options off the Chevrolet Equinox and GMC Terrain roster. Chevrolet spokesman Kevin Kelly confirmed to CarsDirect that for 2020, the diesel versions of these SUVs will only be offered with front-wheel-drive. CarsDirect notes that with the AWD diesel Equinox and Terrain gone, the only AWD diesel option in this class is the Mazda CX-5 Skyactiv diesel, which is significantly more expensive: As the AWD diesel CX-5 is only available in a fully loaded Signature specification, the $42,045 price tag is almost $10k heftier than the cheapest comparable Equinox, the AWD 1.6-liter diesel LT which starts from $32,495. The 2019 GMC Terrain AWD SLE costs $34,795 in comparison, which works out to being around $7,200 cheaper than the Mazda. The higher trim levels for the Equinox and Terrain are Premier and SLT, respectively. Some reasoning behind the AWD diesel GM SUV's low uptake is their own price difference to base FWD gasoline models: you can get a 1.5-liter Equinox for less than §25,000 listed. While the 2.2-liter Mazda has plenty more power at 168 hp and 290 lb-ft, compared to 137hp and 240 lb-ft in the 1.6-liter GM SUVs, the Equinox and Terrain are notably more frugal – they are rated 32mpg combined, while the Mazda can manage 28 mpg. With better fuel economy and a significantly lower list price, the General Motors twins are at least more wallet-friendly when it comes to numbers, and as the vehicles will cease to be built in that configuration there's likely to be some cash on the hood on ones in stock. News Source: CarsDirectImage Credit: Chevrolet Chevrolet GM GMC confirmed gmc terrain chevrolet equinox

Watch a 2015 Corvette Z06 run the quarter in 11.7 seconds

We're not writing about this because it's an amazing run, we're writing about it because it appears to be the first run. Someone took a 2015 Corvette Z06 to Royal Purple Raceway in Baytown, Texas and blasted it down through the quarter mile. It's still wearing the dealer number in wax pen on the windshield and dealer plates, so this example is fresh from the mold. It's also a seven-speed manual. General Motors said the row-your-own Z06 can do the 'strip in 11.2 seconds, and they undoubtedly had a professional driver and more than one run to set that time. To have Just Some Guy show up at the raceway and do an 11.7 at 120.54 mph on his first run means we expect good things to come as Z06s get delivered to their owners. Check out the run in the video.