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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 EM90 unveiled as electric minivan for the Chinese market

Volvo is bringing boxy back with the EM90, its first entry into the minivan segment. Described as a "living room on the move," the people-hauler features an electric drivetrain and a spacious-looking cabin with three rows of seats as well as a long list of technology features. Unverified reports claim that the EM90 is based on the Zeekr 009. Volvo hasn't revealed what's under the sheet metal, but design details such as the shape of the windows and the kink on each sliding door seemingly confirm the connection. However, the EM90 features a look of its own that's characterized by Thor's Hammer-shaped lights on both ends, a body-colored front-end panel with a backlit Volvo emblem, and "VOLVO" lettering on the hatch. Volvo explains that the front's design was inspired by "skyscrapers and cutting-edge immersive art." Road noise-canceling technology and a dual-chamber air suspension system should make the EM90 a comfortable space to travel in. If it's too quiet, Volvo offers a 21-speaker Bowers & Wilkins sound system, 5G connectivity, and a roof-mounted 15.6-inch screen that folds into the headliner when it's not in use. It can be used to display entertainment options via third-party apps and it can project a user's phone. If you'd rather get work done, there are tablets integrated into the individual rear seats and a "meeting room" mode that adjusts the screens, the seats, the windows, the air conditioning, and the interior lighting accordingly. "Theater" and "bedroom" modes are available as well. While the rear occupants are working, watching a movie, or sleeping, the driver faces a digital instrument cluster and a 15.4-inch touchscreen for the infotainment system. Several cameras, a millimeter-wave radar, and ultrasonic radars power a wide selection of electronic driving aids. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Power comes from a 268-horsepower electric motor linked to a 116-kilowatt-hour lithium-ion battery pack. Volvo quotes a maximum driving range of up to 458 miles, though it notes that figure was obtained using the Chinese testing cycle. Zero to 62 mph takes 8.3 seconds.  Made in China, the Volvo EM90 is on sale now on the Chinese market. There's no word on whether it will be sold in other countries, Volvo merely said the model is "coming first to China," but we wouldn't bet on seeing it show up in a showroom on our side of the Pacific.

2025 Volvo EX90 now $3,300 more expensive thanks to materials costs

Without any fanfare, and with sharp surprise to some dealerships and reservation holders, Automotive News reports Volvo upped the price on all EX90 trims by $3,300. The automaker told the outlet that it raised prices on May 1, a month before the EX90 entered production after almost a year of delays. Volvo said it told its dealer body and reservation holders about the increase on June 26, the same day it informed reservation holders that the electric SUV would miss certain features on delivery and be programmed with workarounds for some unsolved issues like battery drainage when parked. The omissions include at least one of the lidar-centric safety systems that Volvo touted as putting the EX90 ahead of the competition when the car launched. The company told one reservation holder the software gaps would be filled in sometime in the "early ownership" phase, the only rational kind of non-answer available to automakers working through EV bugs. We couldn't find any active EX90 forum threads about the price increase, a strange absence for an anticipated vehicle with more than 10,000 preorders. In a Reddit thread from June 27, a commenter writes, "Just got my [EX90] customization email and the price has indeed increased to $79,995 + $1,295 destination fee," making it sound like being surprised by the automaker instead of being informed, such surprise matching a story another potential buyer told AN. And now a note on the EX90 configurator warns shoppers that "Ventilated Nordico is expected to be delivered towards the latter part of the estimated delivery time above." Since there are no delivery times yet, that means no ventilated seats for U.S. buyers for an unknown amount of time.  The new MSRPs figures for EX90 in base Twin Motor form after the $1,295 destination charge are:  Plus 7-seater: $81,290  Plus 6-seater: $81,790  Ultra 7-seater: $85,640  Ultra 6-seater: $86,140  Add $5,000 to these prices to for the Twin Motor Performance drivetrain. Both versions run off a 111-kWh battery from CATL. The first provides a total of 402 horsepower and 568 pound-feet of torque, and a 0-60 time of 5.7 seconds. The performance version is good for 496 horsepower and 671 pound-feet of torque, shrinking the 0-60 time to 4.7 seconds. A company spokesperson named rising materials costs as the culprit.