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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.

2017 Audi R8 starts at $164,150 [w/video]

The new 2017 Audi R8, which offers 540-horsepower and 398-pound-foot of torque from its V10 engine alongside Quattro all-wheel drive and a seven-speed S-Tronic dual-clutch transmission, will start at $164,150 (including destination). That's about $47,000 more than the previous entry-level R8, but since that car was down two cylinders, 110 horsepower, and 82 pound-feet of torque, it's kind of an apples-and-oranges comparison. There's a much fairer comparison if we look at Audi's newest supercar in relation to the 2015 R8 V10. On the one hand, the loss of the $155,150 manual transmission model kicks the starting price up noticeably, but perhaps in recognition of that, Audi hasn't adjusted the two-pedal R8 V10 at all. It's the same price as the 2015 model while adding 15 more horsepower, seven more pound-feet of torque, and a tenth of a second to the 0-60 time, which is now estimated at 3.5 seconds. Don't worry – the 2017 R8 adds four miles an hour to its predecessor's 195-mph top speed. While under-the-skin changes for the standard R8 V10 may look modest at first glance, the updates Audi added to the V10 Plus are significant, and the automaker has raised the price to reflect that fact. On the one hand, the new range-topper was kicked up by $7,400, to $191,150. On the other hand, power is up by 60 ponies to 610 hp, and torque has jumped from 398 lb-ft to 413. The 0-60 time has been trimmed by a tenth of a second, and owners will also be able to hit 205 mph, up from the old V10 Plus' 198-mph max. To reflect the new pricing announcement, Audi prepped an entertaining video featuring Radio Le Mans announcer John Hindhaugh to "hand the baton" from the original R8 to its second-gen successor. Check out the video below, alongside the official press blast. Audi of America announces pricing for the all-new 2017 R8, the fastest and most powerful Audi production model ever January 20, 2016 | HERNDON, Virginia More powerful and more dynamic than its predecessor, the R8 V10 plus generates 610 hp and 413 lb-ft of torque reaching a top track speed of 205 mph The all-new Audi R8 and R8 LMS racecar were co-developed and share approximately 50 percent of the same parts, including the V10 engine Track-tested around the world, the R8 LMS will make its US racing debut at the ROLEX 24 at Daytona on January 30, 2016 Faster, more efficient, and more capable both on and off the racetrack, the all-new 2017 R8 is the most powerful Audi production model ever.

Ford GT dominates Le Mans qualifying, gets slapped with performance adjustment

Fifty years after Bruce McLaren and Chris Amon drove the Ford GT40 to victory at the 24 Hours of Le Mans, Ford is poised for a historic return to the Circuit de la Sarthe. The new Ford GT took the top two qualifying positions in the LMGTE Pro class, and four of the top five. Ferrari's 488 filled in the rest of the spots in the top seven, the first two from AF Corse. In other words, we're primed for a reboot of the classic Ford-Ferrari feud at this year's race. Or not, as the ACO, which organizes the 24 Hours of Le Mans, announced sweeping pre-race Balance of Performance (BOP) adjustments this morning that make this year's GT class anybody's race. In LMP1, last year's overall winner Porsche locked up the top two spots with the 919 Hybrid and will lead the entire field at race start. Toyota's two-car factory effort followed with qualifying times 1.004 and 2.170 seconds behind the pole lap. Audi rounds out the manufacturer-backed LMP1 class in fifth and sixth. Full qualifying results can be found here. The storyline for the GT cars is perfect - some say too perfect. Ford's class-leading times came after BOP adjustment to the Corvette Racing C7.R before qualifying. BOP is intended to level the playing field in the class by adjusting power, ballast, and fuel capacity. (Check out this explainer video for more, or even just if you love French accents.) But the process is riddled with unknowns and ripe for accusations of sandbagging. That is, if the Ford cars were intentionally slow in practice they could hope for BOP adjustment to improve their race chances. On the Corvette side, last year's GTE Pro winner went from the top of the field to the bottom, barely improving from practice to qualifying. If you think Le Mans is as rigged at the NBA Playoffs, well, it's not that simple. Because if Ford and Ferrari held back until qualifying - the eighth-place Porsche 911 RSR is three-and-a-half seconds off the class pole time - it was a pretty dumb strategy. This morning, the ACO tried to put things back in order by limiting the boost in the Ford GT's twin-turbo V6 and adding 11 pounds of ballast. Ferrari was also given extra weight but allowed more fuel capacity. The Corvette and Aston Martin teams were both given breaks on their air restrictors, which will allow their engines to make more power. Both Ford and Porsche also received extra fuel capacity.