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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.

Volvo teases refreshed XC90, EX90 updates and 'a surprise or two'

Volvo will show the world the updated XC90 crossover on what the company is calling "90/90" day, which to the rest of us is simply September 4th. The day will also "mark a big moment in the launch of the EX90," which accounts for the second "90." But what's far more interesting was the cryptic teaser Volvo tacked onto the end of its announcement, suggesting that "there might be a surprise or two …" in store for us too. Well, then.  The announcement was accompanied by an equally cryptic teaser image that appears to depict the hoods of the EX90 (top/right) and XC90 (bottom/left). There's not much to see here apart from the differentiating hood creases and some details in the headlights. From what we can make out, the updated XC90 will have a different take on the "Thor's Hammer" LED signature. Anything else is merely speculation. While Volvo hasn't officially put a sunset date on the XC90, we expect this will be the last major update before it is put out to pasture in favor of its all-electric sibling. The writing has been on the wall since Volvo originally unveiled the EX90 in 2022.  As for Volvo's surprises? We're not really sure what to expect. With the EX30 launch dragging on much longer than expected, Volvo is unlikely to be in a position to announce any major new product introductions for the U.S. market. We can't rule out the possibility of some Polestar Engineered variants of existing models; Volvo has already demonstrated a willingness to offer them on crossovers, so why stop now? In any event, we've only about a week to wait. Plus, you'll be able to watch the whole thing live on Volvo's 90/90 Day microsite. 

Watch this Volvo truck drive up a quarry road using hamster-powered steering

Volvo Trucks has been producing some of the most interesting and thrilling commercials around as of late, and this new one involves a live hamster. While you may wonder how could a hamster and a dump truck could be exciting, just know this ain't a Kia Soul commercial: the Swedish truck company enlists the help of a hamster named Charlie to steer an FMX construction truck up a winding road in Ourence, Spain. From the bottom of a quarry. We are not kidding you.
All we ask is that you watch the commercial below to see how it all goes down. If you like what you see, you can then check out a bonus 'behind the scenes' video and press release for details about how Volvo Trucks prepared for the stunt.