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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 Ford Shelby GT350 First Drive [w/video]

Red meat. America's signature protein has necessarily violent origins. Slaughter, butcher, open flames and iron – you don't need a recently lapsed vegetarian (me) to lay it out for you. Of course the blood and the cuts are all part of the appeal, a reminder with every forkful of beef that we still like to be visceral creatures in an increasingly sanitized world. There is much in the makeup of Ford's Mustang that matches these carnivorous tendencies. Not only does it offer a hint of violence with potential for speed every time the engine kicks over, it's also the motive meal we Americans salivate over more than any other. Ford's pony car is among the most popular car searches online, year in and year out, and truly special versions stress servers and storm forum spaces when they hit the streets. I'll be honest, I've been just as frothed and drooling to see and drive the 2016 Ford Shelby GT350 as the rest of you netziens, too. Engineers have hacked and carved away at the stock car, to make a wicked V8 morsel that's bloody-minded and racetrack ready. The flat-plane crank V8 revs to the moon and sounds like a supercar when spinning hard. The palpitating heart of newest Shelby is a 5.2-liter, naturally aspirated V8 engine that bucks the current, popular trends for performance cars, while also breaking new ground for Ford. Fast cars from all over the world have made impressive numbers using turbos and superchargers in recent years, but Ford wanted revs to make its racing machine go right. So the company tossed out the forced-induction formula, and created a flat-plane crank V8 that revs to the moon and sounds like a supercar when spinning hard. The light, strong crankshaft reduces inertial mass in the engine and allows for a mind-blowing redline at 8,250 rpm. Perhaps more importantly it makes for beautiful rising wave of available torque as one digs deeper into the throttle, which feels like fast magic when doing something like climbing the hill to The Corkscrew at Mazda Raceway Laguna Seca. At 526 horsepower and 429 pound-feet of torque, some 102-hp per liter, there's enough power for staggering acceleration whenever you ask for it. Providing, of course, you keep the pot boiling at three grand or more. To call the power delivery below that mark "weak" would be ludicrous, but it does feel more inert there than the cars in the turbo-quick jet set that's so popular these days.

Xcar gets the scoop on Ford's strategy for the GT at Le Mans in 2016

Ford's plan to return to the 24 Hours of Le Mans in 2016 with the latest GT might have been one of the worst kept secrets in motorsports in recently memory. Even before the road car debuted at the 2015 Detroit Auto Show, rumors were flying about the Blue Oval's strategy. The wait for the official announcement just before this year's race was certainly a long one, but it was probably worthwhile just to see the competition version's spectacular looks. Xcar recently got the chance to interview Ford about the company's objectives for the new racer's development. Both the GT racing and street programs are meant as ways to advance cutting-edge technology and potentially let it trickle down to less-expensive models in the future. This is especially the case when it comes to finding ways to make carbon fiber cheaper and better. Of course, the supercar is also a showcase of what Ford can do competitively, and apparently there are patent-pending suspension parts the company isn't even talking about yet. Ford would love to score a class victory at Le Mans next year, and is pretty clear here and in its earlier promo video that it sees Ferrari as a major rival in the race. While that makes sense historically, the cross-town competitors at Corvette could be an even bigger challenger. That squad has a more recent legacy of success in the 24-hour challenge, including a victory in the GTE-Pro class this year. Related Video: