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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.

GMC Hummer EV SUV first drive, RIP Camaro, Ferrari Roma Spider | Autoblog Podcast # 773

In this episode of the Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by News Editor Joel Stocksdale. They start off with one of the week's biggest official news items — the impending death of the sixth-gen Chevrolet Camaro. On the subject of powerful American cars, they pivot to a teaser from Stellantis execs that there are big things ahead for its Dodge Charger SRT Daytona Banshee concept. From there, they look at Ferrari's new topless Roma and then get into Ford's multi-billion-dollar electric vehicle pivot. Speaking of expensive EVs, Joel just got back from driving the new GMC Hummer SUV. He also had the new F-150 Lightning Pro in his driveway, and that's followed by Greg's update on Autoblog's long-term Toyota Sienna.  Autoblog Podcast # 773 Get The Podcast Apple Podcasts – Subscribe to the Autoblog Podcast in iTunes Spotify – Subscribe to the Autoblog Podcast on Spotify RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown News Chevrolet Camaro production will officially end after 2024 model year Dodge CEO teases more to come from Charger SRT Daytona Banshee Ferrari Roma Spider returns a front-engined soft top to the lineup Ford Model e losing billions as it says EV unit should be seen as startup What we're driving Ford F-150 Lightning Pro 2024 GMC Hummer EV SUV 2023 Toyota Sienna Platinum AWD Feedback Email – Podcast@Autoblog.com Review the show on Apple Podcasts Autoblog is now live on your smart speakers and voice assistants with the audio Autoblog Daily Digest. Say “Hey Google, play the news from Autoblog” or "Alexa, open Autoblog" to get your favorite car website in audio form every day. A narrator will take you through the biggest stories or break down one of our comprehensive test drives. Related video: How to activate Crab Walk on the GMC Hummer EV

Chevrolet To Oversee Restoring Sinkhole Corvettes

What Mother Earth devoured, Chevrolet plans to resurrect. The carmaker said Thursday it will oversee restoration of the classic cars swallowed by a huge sinkhole beneath the National Corvette Museum in Kentucky. General Motors Design in Warren, Mich., will manage the painstaking work to repair the eight prize vehicles, the automaker said Thursday. The cars were consumed when the earth opened up early Wednesday beneath a display area when the museum in Bowling Green, Ky., was closed. No injuries were reported. The museum was open Thursday except for the area where the sinkhole occurred. Mark Reuss, GM's head of global product development, said the damaged vehicles rank as "some of the most significant in automotive history." "There can only be one 1-millionth Corvette ever built," he said, referring to one of the damaged cars. "We want to ensure as many of the damaged cars are restored as possible so fans from around the world can enjoy them." Just how the cars will be pulled out of the ground remains to be seen, said museum executive director Wendell Strode. The local fire department estimated the hole is about 40 feet across and 25 to 30 feet deep. The hole opened beneath part of the museum's domed section. "We feel pretty confident that most of the cars can be extracted," Strode said Thursday. "And we hope and believe that with just a little bit of luck, that all eight cars can be extracted and be part of the restoration." Chevrolet spokesman Monte Doran said some of the cars look to be in good shape, while others are buried in rubble. "It will likely be several weeks until we can get the cars out and assessed," he said. The GM Design team has helped restore other historic cars, but the Corvette project looks to be its biggest, he said. "These Corvettes are part of our history, and they want them restored properly," Strode said. "We're thrilled they're doing this." The cars looked like toys as they plunged into the hole, piled in a heap amid dirt and concrete fragments. The museum owns six of the cars while two - a 1993 ZR-1 Spyder and a 2009 ZR1 Blue Devil - are on loan from General Motors. The other cars damaged were a 1962 black Corvette, a 1984 PPG Pace Car, a 1992 White 1 Millionth Corvette, a 1993 Ruby Red 40th Anniversary Corvette, a 2001 Mallett Hammer Z06 Corvette and a 2009 white 1.5 Millionth Corvette. Pictures of the sinkhole showed a collapsed section of floor with multiple cars visible inside the hole.