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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.

Nissan reveals updated 2015 370Z Nismo among the faithful

Well before quick Honda Si models of the '80s or the performance juggernaut that the Toyota Supra and Mazda RX-7 became in the 90s, the Datsun 240Z was an early stake in the ground for Japanese sports cars. It was affordable, but the original Z-car was also a capable coupe that could show its tail to European and American rivals. Today, Nissan celebrates the car each year with fellow enthusiasts at its ZDAYZ event, and this year in North Carolina, it's surprising fans by launching the 2015 370Z Nismo there with some significant upgrades.
The biggest change is that the 370Z Nismo is available with a seven-speed automatic transmission for the first time. The six-speed manual is still standard, of course. But for those who don't want to use a clutch, Nissan is offering the new automatic with Downshift Rev Matching and a manual mode via paddle shifters. Power is still provided by the same 3.7-liter V6 as last year, producing 350 horsepower and 276 pound-feet of torque with a limited-slip differential at the back for added traction.
This hottest 370Z model also receives a brand-new GT-R-inspired bodykit that features a deeper front fascia, LED running lights and blacked-out headlight bezels. It also sports a new chin spoiler bearing the Nismo emblem and red accents that flow from the front, down the side sills and all the way to the rear bumper. At the back, there is also a smaller ducktail spoiler for a more mature look. The 2015 also wears cool 19-inch forged aluminum wheels by Rays with a new twin-spoke design and charcoal finish. Compared to last year's model, it's a much more mature-looking coupe.

Bathurst 12-hour gallery is GT3 heaven [w/video]

The 2015 Liqui-Moly Bathurst 12-Hour race was run this weekend at the Mt. Panorama Circuit in Bathurst, Australia. Race photographer Joel Strickland sent us a huge batch of photos, all of which make us salivate for the switch to GT3 rules in the United SportsCar Championship; the top seven finishers at Bathurst were of seven different makes: Nissan GT-R NISMO GT3, Audi R8-LMS Ultra, Aston Martin Vantage GT3, Bentley Continental GT3, Mercedes SLS AMG GT3, Ferrari F458 Italia and Lamborghini Gallardo. It was a sweet victory for the No. 35 car driven by the NISMO Athlete Global Team after it crashed in Saturday qualifying, and then was only in third place on the penultimate lap. The three-man driving team included two GT Academy winners, one of whom, Florian Strauss, has only been a professional race car driver for 18 months. It's the first time the GT-R has won at Panorama since the original R32 "Godzilla" took back-to-back wins in 1991 and 1992. Second place went to the No. 15 Phoenix Racing Audi R8-LMS Ultra, 2.4 seconds behind the winners, third to the Craft Bamboo Racing Aston Martin Vantage not even half a second behind the Audi. The Bentley Motorsport team, in its first Bathurst 12-Hour with two cars, had its No. 10 Continental GT3 in the lead until the penultimate lap and in second place until the final corner, but crossed the line in fourth after some rubbin'-is-racin' action from chasers. And if pictures aren't enough, as of writing you can still watch the live stream of the entire race at the Bathurst 12-Hour site. Or, if you don't have the time, at least be sure to check out the last five minutes, below. Enjoy. Featured Gallery 2015 Liqui-Moly Bathurst 12-Hour View 118 Photos Image Credit: Copyright 2015 Joel Strickland / AOL Motorsports Aston Martin Audi Bentley Nissan Coupe Racing Vehicles Videos aston martin vantage gt3