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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.

BMW factors big in Mission: Impossible Rogue Nation

Product placement is big business, especially for automakers and especially in blockbuster action film franchises involving spies and assassins. Just ask Aston Martin or Jaguar Land Rover about their involvement in the James Bond movies, or Audi about the role it plays in the Transporter series. But when it comes to Mission: Impossible, it's all about the Bimmers. BMW has been featuring prominently in the popular action franchise, putting its i8 hybrid sports car front and center in the last installment, Ghost Protocol. And it will grab the spotlight once again in the upcoming Mission: Impossible Rogue Nation. Watch this latest trailer just released by Paramount Pictures and you might be able to pick out the M3 driven by Tom Cruise, the X5 by Jeremy Renner and the S 1000 RR motorcycles ridden by a whole crew of bad guys. Wheels aside, it's our best look yet at the upcoming fifth installment in the popular movie franchise, so if you're a fan, you'll want to check it out as the movie's not set to be released until the end of July. High-speed, high-tech, high excitement 24.03.2015 Munich/Los Angeles. BMW confirmed today its role as exclusive worldwide automotive partner of the next installment of Paramount Pictures' legendary action film franchise, "Mission: Impossible – Rogue Nation", in theaters from July 31. This is the second time BMW has "accepted the mission" to lend its superior technological support to the film's production crew, enabling it to deliver breathtaking automotive stunt scenes shot around the globe. BMW previously partnered with Paramount on the 2011 successful release of "Mission: Impossible - Ghost Protocol". The film's official trailer, released worldwide yesterday, offers fans a first glimpse of the high-adrenaline action that only Ethan Hunt (Tom Cruise) and his Impossible Mission Force (IMF) team can deliver – including spectacular driving scenes where the new BMW M3 is put through its paces. Its renowned high-performance capabilities made the fifth generation M3 sports car the perfect choice to perform precision driving sequences, the likes of which have never been seen before. The M division's philosophy and dynamic design leaves no doubt about the M3's motorsport genes while the BMW Motorrad S 1000 RR, which is also seen in the film trailer released yesterday, represents the ultimate performance on two wheels.

Autoblog Podcast #404

Episode #404 of the Autoblog Podcast is here, and this week, Dan Roth, Chris Paukert and Brandon Turkus talk about the BMW i8 and i3, this week's SEMA show, the looming Ferrari spin-off and the passing of Tom Magliozzi, longtime co-host of NPR's Car Talk. We start with what's in the garage and finish up with some of your questions, and for those of you who hung with us live on our UStream channel, thanks for taking the time. Check out the rundown below with times for topics, and you can follow along down below with our Q&A. Thanks for listening! Autoblog Podcast #404: The video meant to be presented here is no longer available. Sorry for the inconvenience. Topics: BMW i8 and i3 SEMA Ferrari to be spun off Tom Magliozzi of Car Talk passes away In The Autoblog Garage: 2015 Mercedes-Benz GLA45 AMG 2015 Mercedes-Benz C300 4Matic 2015 Ford Mustang GT Hosts: Dan Roth, Chris Paukert, Brandon Turkus Runtime: 01:54:34 Rundown: Intro & Garage - 00:00 BMW i8 and i3 - 36:18 SEMA - 01:00:53 Ferrari IPO - 01:12:44 Tom Magliozzi - 01:21:12 Q&A - 01:32:45 Get the podcast: [UStream] Listen live on Mondays at 10 PM Eastern at UStream [iTunes] Subscribe to the Autoblog Podcast in iTunes [RSS] Add the Autoblog Podcast feed to your RSS aggregator [MP3] Download the MP3 directly Feedback: Email: Podcast at Autoblog dot com Review the show in iTunes Auto News Celebrities Earnings/Financials Podcasts SEMA Show BMW Ferrari Ford Mercedes-Benz SEMA 2014 mercedes gla45 amg