Xdrive28i New 4 Dr Suv Automatic Gasoline 2.0l Twinpower Turbo In-l Glacier Silv on 2040-cars

Auto blog

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.

X4 launch to spearhead BMW crossover onslaught at NY Auto Show

It's no secret that crossovers are one of the key vehicle types driving today's auto industry profits, and nowhere is that more true than among the world's luxury brands. BMW became one of the first players in the luxury CUV segment when it launched its original X5 in 1999, and buoyed by that model's runaway success, it followed up with the X3 in 2003, the X6 in 2008 and the X1 in 2009 (though the latter didn't make it to the US until late 2012). It's replaced the X5 twice since then and the X3 once, but the Bavarian automaker isn't about to let matters rest there.
First off, a production version of a new X4 model is expected at the New York Auto Show in April. The model was previously rumored to be earmarked for reveal a month earlier, but a new report from Autocar suggests that the previously mooted reveal date and location were inaccurate. The X4 is expected to apply the same controversial slant-back formula to the X3 that transformed the X5 into the X6, which will in turn lead to an update for the X3 as well.
But that's not all. Autocar also reports that before 2014 is out, BMW will unveil a revised X6 at the Moscow Motor Show in August, which will in turn be followed by upgraded versions of both the X6 M and X5 M. These high-performance crossovers are tipped to pack the same 4.4-liter twin-turbo V8 as the outgoing versions, albeit with higher outputs than the current models' 555 horsepower and 500 pound-feet of torque. All this, and they're still expected to simultaneously improve fuel consumption and emissions figures.

Next-gen Mini could sire 10 different models including PHEV

The first generation of the reimagined, BMW-backed Mini was a simple things, confined to two body styles - hatchback and four-seat convertible. It wasn't until the second-generation platform came along that Mini began truly expanding, offering a long-wheelbase model, a roadster, a coupe, a five-door crossover, and a three-door, um, thing?
BMW is aiming for 10 to 12 different vehicles from just two brands off one platform.
According to an interview between Automotive News Europe and the BMW board member that oversees Mini, Peter Schwarzenbauer, the funky British brand will be expanding far beyond the seven body styles it currently offers. "With the new ULK architecture, we currently have in mind eight to 10 models," Schwarzenbauer told ANE. That architecture he mentions, will also underpin the BMW 1 Series GT and the BMW X1, meaning that BMW is aiming for 10 to 12 different vehicles from just two brands off one platform (and that's only what we know about).