1976 Cadillac Eldorado Base Convertible 2-door 8.2l on 2040-cars

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It's going to cost $12 billion to fix Cadillac

The Cadillac CT6's development predates Johan de Nysschen taking over at Cadillac, but the forthcoming flagship is the luxury brand's first major new product launch since the beginning of his tenure. The vehicle's debut also marks the beginning of a comprehensive $12 billion renewal plan bringing eight new vehicles in the next five years. Now, the former Audi and Infiniti exec is talking about joining Caddy and the company's future. "Cadillac will be a powerhouse global luxury brand that will command the respect of its peers," de Nysschen said about the forecast state of the company in 2020 to Bloomberg. He disclosed that three of those new vehicles under the five-year plan would be crossovers and reiterated that plug-in hybrids are on the way that would take advantage of the Chevrolet Volt's tech advances. De Nysschen also reminisced about joining Cadillac last year. He told Bloomberg that leaving Infiniti wasn't an easy decision, and there were apparently long conversations on the phone with General Motors President Dan Ammann discussing strategy for the luxury brand. De Nysschen was apparently clear that a greater investment and more autonomy from the corporate mother ship were vital. These days, the revitalization of Cadillac is just getting rolling. The company has a swanky New York office with a dedicated team to focus on the future. According to de Nysschen, the brand will grow its staff to around 150 people by the end of the year, compared to over 40 now. The marketing plan is to position the American luxury brand as a more distinctive product versus more common German rivals. It's going to be very interesting to see if this new Caddy can dare greatly enough to accomplish these lofty goals.

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.

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