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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.

Jeep gunning for 1M sales this year

Jeep CEO Mike Manley would rather soft-pedal the seven-figure prognostication for now, but Fiat CEO Sergio Marchionne won't have it, proclaiming in an interview that Jeep will sell one million units worldwide this year. Manley has called that come-hither number "a stretch," the history of recent gains perhaps reason for his caution: in 2011 the brand sold 568,317 units, followed by the record-breaking tally of 701,626, then another record in 2013 with 731,565 units moved.
That kind of gap means everything will need to go magically for Jeep to record a 37-percent increase this year - amazing Cherokee sales, a brilliant launch for the little Jeep arriving in Europe later this year and a heavy wave to raise sales in US, European and Chinese markets. Manley is confident about the prospects in 2015, though, with the Cherokee in full stride, the Fiat-based Jeep on its way to the US and expanded global production. It's not as though Marchionne's prediction for Jeep's 2014 sales is unexpected, since he first made it last year. But even if the number ends up a little short for 2014, there's no doubt it will be impressive.

Jeep reveals Grand Cherokee SRT Night, Wrangler Backcountry

Another major car show is almost upon us, and you know what that means. That's right, boys and girls – another pair of custom Jeeps. Far be it from us to complain, though, especially when the pair of SUVs debuting at the LA Auto Show this month aren't just for show. These will actually be offered to the public as new special editions. In one corner we have the Jeep Grand Cherokee SRT Night edition, with all the brightwork replaced with black. The roof, rear spoiler, front grille bezels, pillars, and window surrounds are all done up in gloss black, while the wheels – custom 20-inch jobs – as well as the front applique and badging have all been given a satin black treatment. The interior, as you might have guessed, is also predominantly black, with black leather, black chrome bezels, and silver stitching. Buyers will be able to choose between deep red, silver, or dark gray exterior colors, but either way they'll be getting the same 6.4-liter V8 – all 475 horsepower and 470 pound-feet of it. In the other corner is the Jeep Wrangler Backcountry. This one's based on the Wrangler Sahara and features a special off-road front bumper, powder-coated rear bumper, and the 17-inch wheels and rock rails from the Wrangler Rubicon. The interior features piano-black trim, leather and mesh seats, vinyl accents, nine-speaker Alpine sound system, and more. It'll be available in five colors – blue, black, white, gray or purple – with special graphics (because nothing says "backcountry" quite like neon pink decals on a purple Jeep) and a standard black (or optional body-colored) hardtop. The Wrangler Backcountry will be reaching dealers around the same time as its live debut towards the end of this month. Don't expect to see the GC Night edition on the streets until early next year, though. Pricing for either has yet to be announced, but you can scope out the details of both in the press release below. Jeep® Introduces Two New Special-edition Models at the Los Angeles Auto Show - New 2016 Jeep® Grand Cherokee SRT Night boasts stealth-like premium black appearance, with black roof and lightweight performance wheels - New 2016 Wrangler Backcountry delivers enthusiasts a unique Jeep SUV loaded with off-road capability features to tackle the toughest winter months November 12, 2015 , Auburn Hills, Mich.