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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.

Audi planning A7 powered by fuel cell?

Back in March, Volkswagen AG CEO Martin Winterkorn voiced his doubts about the cost and infrastructure associated with building hydrogen fuel cell vehicles, but according to Autocar, that isn't stopping Audi from developing a fuel-cell version of the Audi A7. While we're inclined to take this report with a grain of salt, this wouldn't be the first time a VW executive has made seemingly damning statements about electric powertrains that later proved to be incorrect.
After speaking with Audi technical chief Wolfgang Dürheimer, Autocar reports that Audi is building a fuel cell A7 that is expected to be ready for testing by August. Like the electric E-Tron and natural-gas-powered G-Tron models, the hydrogen fuel cell Audis could, if produced, carry their own "tron" nomenclature.

Former Ferrari F1 chief could be new Lamborghini CEO

The word on the street in Bologna is that Lamborghini is in for a changing of the guard. Current CEO Stephan Winkelmann is tipped to step down after 14 years at the helm in Sant'Agata, likely to move to another role at Audi. And in his place, the German automaker is anticipated to appoint Stefano Domenicali. Domenicali was formerly the head of Scuderia Ferrari, rising through the ranks at Maranello to succeed Jean Todt as team principal in 2008. He resigned in 2014 to be replaced first by Ferrari US chief Marco Mattiacci and then by Marlboro man Maurizio Arrivabene as the team has struggled to find its form again. Shortly after leaving Maranello, Domenicali took up a new position at Audi, where he was rumored to be working on the company's anticipated foray into Formula One with Red Bull. But after that program was shut down in the wake of the diesel emissions scandal, Domenicali is now tipped to move back to Italy to take over the supercar business. Stefano would be the second Domenicali to head an Italian performance brand under the VW/Audi umbrella, joining Ducati CEO Claudio Domenicali (they not believed to be related). The move would also be a particularly emphatic gesture to Sergio Marchionne. The Fiat Chrysler Automobiles chief has previously lost top lieutenants to Volkswagen, most notably Luca de Meo, who headed up VW brand's passenger car marketing department before taking over at Seat. While previous Ferrari chiefs Todt and Montezemolo came up through the racing department, Marchionne assumed the chairmanship in Maranello and brought in outside talent instead. Meanwhile Winkelmann has been in charge of Lamborghini since 2005, when he was appointed by Audi to run the company it had just acquired a few years prior. Under the tenure of the German-Italian executive, Lamborghini sales have risen from 1,600 units per year to over 2,500 last year. The introduction of the forthcoming Urus crossover, birthed under Winkelmann's leadership, is expected to more than double that overall figure. Given his success in transforming Lamborghini, it isn't likely that the Volkswagen Group will simply show Winkelmann the door. Word has it that he'll receive another posting at Audi, potentially taking over the growing Quattro GmbH division in Neckarsulm. The division is responsible for all of Audi's RS models as well as the R8 – the latter of which Audi sells as many units as the entire Lamborghini division does in a year.