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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.

Renault, Nissan, Mitsubishi announce 35 new EVs by 2030

Renault, Nissan and Mitsubishi are going all-in on EVs. The trio announced plans to release 35 new electric models globally by 2030, ranging from Japan-only kei cars to commercial vehicles, and they sketched out plans to develop next-generation solid-state batteries. The three carmakers will leverage the benefits of economies of scale to keep development and production costs in check. Many of the Alliance's models already ride on a common platform; the Nissan Sentra shares its bones with the third-generation Renault Scenic. Looking ahead, the plan is to build 80% of the cars in the group's global portfolio on common architectures. Renault, Nissan and Mitsubishi are massive companies with a wide lineup of models, so there is no one-size-fits-all solution. Instead, the strategy focuses on five basic modular platforms. CMF-AEV will be for so-called affordable electric cars. KEI-EV will be primarily for kei cars, LCV will underpin commercial vehicles, and CMF-EV was designed to underpin mainstream models including the Ariya. Finally, the CMF-BEV platform will underpin about 250,000 electric cars annually starting in 2024. These include the production version of the retro-styled 5 Prototype introduced in January 2021, at least one car assigned to the Alpine brand, and a replacement for the Micra (previewed above) that will be engineered and built by Renault. Most of these cars will be equipped with a lithium-ion battery pack; that's likely going to remain the best way to power an electric car in the coming years. However, Nissan has been tasked with developing solid-state battery technology that promises to greatly reduce charging times. A solid state battery is tentatively scheduled to enter production by the middle of 2028, though it's too early to tell which model(s) will inaugurate it. Digital services will play a significant role in the Alliance's future lineup as well. By 2026, Renault, Nissan and Mitsubishi plan to connect 25 million cars to their cloud and over 10 million vehicles fitted with "autonomous driving systems" (a vague term that wasn't defined). All told, these investments will cost the group at least ˆ23 billion (around $26 billion at the current conversion rate) in the next five years. What does this mean for America?

Nissan Leaf resale value expected to take a hit

Nissan Leaf resale values may take a tumble, according to Kelley Blue Book. The vehicle evaluation resource said the 2013 Nissan Leaf will retain around 35 percent of its MSRP after three years; that's down five percent from what KBB gave the 2012 Leaf at the end of 2011. Automotive News reports KBB adjusted the EV's residual value prediction because the used transaction prices for the 2011 model have stuck around 35 percent for the past few months due to relatively cheap gasoline, not to mention the fact that Nissan trimmed the electric's MSRP from $36,050 to $29,650 before the $7,500 tax credit.
Since used buyers are often motivated by more practical buying concerns than early adopters or those wanting to curb their carbon emissions, they may not be willing to pay more for an EV. Meanwhile, early Leaf models are now coming to auction, abandoned by rental car companies after customers shunned them in favor of traditional internal-combustion vehicles. Many of those at auction have less than 10,000 miles and carry an average transaction price of just $13,700.