1988 Volkswagen Jetta Gli, 1.8 16v, Recaro Trophy, Time Capsule, 100% Stock on 2040-cars

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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.

Tanner Foust drifts in with new VW Passat [w/video]

Tanner Foust, like many drifting and rallycross names, may have had a long track record with Ford, campaigning Blue Oval drifters in Formula D, the X Games and the Global RallyCross Championship. He won a few medals with Nissan too. But these days he's all about the Volkswagens. He drives a Beetle in the aforementioned GRC, but is now set to return to Formula Drift with the Passat you see here. The Top Gear USA co-host's new ride is ostensibly based on the German sedan we all know, but instead of a 1.8 turbo, a V6, a TDI or even a W8, this one packs a 7.4-liter V8. That mammoth mill sends about 700 horsepower to the rear wheels through a four-speed transmission, but will churn out a good 900 hp on nitrous. In short, it should be better suited towards drifting than the Passat 4Motion this writer tried to slide so many times in his youth. The beast is sponsored once again by Rockstar Energy, and we're looking forward to watching Tanner use it to try and retake the titles he won in 2007 and 2008. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Translogic 164: Driving the fuel cell vehicles of the 2014 LA Auto Show

The LA Auto Show is known for its environmentally friendly vehicle debuts. At last year's show, hydrogen fuel cell concepts from Honda and Toyota joined a lease-ready Hyundai Tucson FCEV to cast a green hue over the convention center. This year, automakers took us a step closer to a fuel cell future by offering drives of their hydrogen-electric hybrids. Translogic host Jonathon Buckley takes a ride in the Toyota Mirai, which is headed for production in 2016. He follows that with a spin in the Volkswagen Passat HyMotion and the Audi A7 Sportback h-tron quattro concept. Which of these fuel cell vehicles holds the most promise? Tune in to find out. Follow Translogic on Twitter and Facebook. Click here to subscribe to Translogic in iTunes. Click here to learn more about our host, Jonathon Buckley. LA Auto Show Audi Toyota Volkswagen Electric Translogic Videos la 2014 toyota mirai