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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.

Watch 14 hot rides take over concept car lawn at Pebble Beach

The Pebble Beach Concours d'Elegance is an annual celebration of the beautiful, old cars that grace Monterey Car Week. But Monterey – and Pebble – features lots of newer metal, too, and that includes the concept lawn at Pebble Beach. Now, "concept lawn" isn't a totally accurate name anymore, and you'll see why in the list below. This year especially, plenty of production cars can be found in the area once reserved for the conceptual. Still, we're happy to see them. Here's what's featured this year: Alfa Romeo 4C Spider Audi R8 BAC Mono Bentley EXP 10 Speed 6 BMW 3.0 CSL Hommage R Buick Avenir Galpin-Fisker Rocket Speedster Hyundai HCD-16 Vision G Coupe Icona Volcano Infiniti Q60 Lamborghini Asterion LPI 910-4 Maserati Ghibli McLaren 570S Rolls-Royce Wraith By our count, that's seven concepts out of fourteen cars. But it still makes for one hot group of metal. Check 'em out in the gallery above. Related Video: Related Gallery 2015 Pebble Beach Concept Car Lawn View 38 Photos Image Credit: Copyright 2015 Drew Phillips / AOL Design/Style Alfa Romeo Audi Bentley Buick Infiniti Lamborghini Lincoln McLaren Porsche Concept Cars Videos Original Video Pebble Beach

Audi RS3 spy shots foreshadow an ultra-hot hatch

Not all vehicle prototypes and mules require heavy camouflage - sometimes they can be hidden in plain sight. That's probably what Audi was hoping for while testing its new RS3 wearing S3 duds, but thanks to some visual and audible telltales, our spy photographers were able to recognize this as a precursor to the marque's ultra-hot hatch testing near the Nürburgring.
Our photographer noticed the signature exhaust note of a five-cylinder engine, which suggests the RS3 could borrow its motivation from the excellent TT RS. Producing at least 340 horsepower, this 2.5-liter turbo powerplant could be the perfect answer for the new A45 AMG from Mercedes-Benz. The big brakes on this RS3 mule give us our best idea about the car's high-performance intentions, with Audi RS wave brake rotors and six-piston calipers peering out from behind the oversized wheels.
In production form, the RS3 should have a much different appearance from what you see here, with sportier design cues including oval-shaped dual exhaust outlets and a more aggressive front fascia. While we're still waiting for our first taste of the S3 in the North America, we'll be holding our breath for the RS3 to make its way here, as well.