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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.

2016 Chevy COPO Camaro wears drag to SEMA [w/video]

Attendees to this year's SEMA Show get to be the first to check out Chevrolet's latest COPO Camaro that's now based on the new, sixth-generation model. As before, they packs a bevy of racing modifications to rocket down drag strips across the country. All of the interested customers might not get one of these hand-built machines, though, because Chevy is sticking with the tradition of only building 69 of them for 2016. Devised to compete NHRA Stock and Super Stock Eliminator classes, the latest COPO Camaro features the lighter, more rigid platform of the sixth-gen model. Buyers can choose from an array of V8s for power, including a supercharged 350-cubic-inch engine, a naturally aspirated 427, or an LT-based 376. All of them come with a race-prepped Turbo 400 three-speed automatic, solid rear axle, and adjustable suspension. The COPO on display for SEMA wears custom styling from drag racer Courtney Force that combines a Red Hot and black color scheme with her name slashing across rear fender. This one also packs a concept 350-cubic-inch V8 with a 2.9-liter Whipple supercharger. If you're interested in owning it, the car will cross the auction block at a Barrett-Jackson sale in 2016, and the proceeds will go to the United Way. Related Video: CHEVROLET INTRODUCES GEN SIX COPO CAMARO Courtney Force-designed show car to be auctioned for United Way LAS VEGAS – With assistance from NHRA Camaro Funny Car driver Courtney Force, Chevrolet introduced the Gen Six COPO Camaro today at the SEMA Show. After visiting the COPO build center, Force collaborated with Chevrolet designers to create a custom appearance for the 2016 COPO Camaro SEMA show car. It will be auctioned at a Barrett-Jackson sale in 2016, with the proceeds going to United Way. Chevrolet will build 69 COPO Camaro race cars for 2016, extending the production legacy that began in 2012 with the fifth-generation Camaro. Like the previous editions, the new COPO Camaro is designed for NHRA's Stock and Super Stock Eliminator classes. "With the new Gen Six Camaro as its foundation, the 2016 COPO Camaro begins the next chapter of an historic racing legacy," said Jim Campbell, Chevrolet U.S. vice president of Performance Vehicles and Motorsports. "It's great to have Courtney Force on Team Chevy and to work with her on the design of the new COPO Camaro show car.

Chevrolet considering midsize crossover to slot between Traverse and Equinox

Crossovers are the new hotness, and automakers are looking to cash in by offering a size and shape for every customer. With Chevrolet's debut of the new 2018 Traverse in Detroit, which grew ever so slightly compared to the first-generation model, there is now a midsize-crossover-sized hole between the three-row Traverse and the compact Equinox. When asked about that obvious space, a Chevrolet spokesperson told us the company is looking into the possibility of expanding its crossover lineup. It should be a relatively simple thing to do, since all it would take is reskinning and rechristening the GMC Acadia with a bow tie, and we all know how much GM loves platform sharing. Although they're now different sizes, the new Acadia and Traverse still use the same platform; the Acadia is now on a short-wheelbase version of the C1XX while the Traverse uses long-wheelbase C1XX parts. A short-wheelbase Chevy built on the C1XX likely would be differentiated visually from both the Acadia and the larger Traverse. It may seem like flooding the lineup with more and more models would cannibalize sales of existing ones, but Chevrolet said it would rather have customers stay within the brand rather than going to another automaker. There have been whispers that some form of the Blazer name (possibly TrailBlazer) may make a return on a midsizer, but if it does don't expect an old-school body-on-frame SUV like the old one. In the end, if Chevy builds it, customers will come. Related Video: