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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.

Junkyard Gem: 1973 Volvo 1800ES

Volvo began selling cars in the United States with the 1956 PV444, a sturdy unibody machine that looked quite a bit like the 1946 Ford from some angles. Reliable, sensible — maybe stodgy is a better word — PV544s, Amazons and 140s followed the 444s across the Atlantic as the 1950s became the 1960s. Starting in 1961, though, a genuinely sporty Volvo arrived here: the P1800. Members of the P1800 family were sold here through 1973, and I've found one of those final-model-year cars in a Northern California self-service wrecking yard. The P1800 (later named the 1800S and then the 1800E) was based on the chassis of the Amazon and was available only as a coupe from 1961 through 1971. The 1800ES shooting brake version with its all-glass hatch debuted as a 1972 model, and just under 9,000 were built before production ended the following year. The U.S.-market 1800ES got a 2.0-liter pushrod straight-four engine with Bosch fuel injection, rated at 112 horsepower. Its dirtier-running European counterparts got more power. This engine was known as the B20F. First-year Volvo 240s got the B20F as well, before moving up to the SOHC "Red Block" engine for 1976. A 1966 P1800 holds the world record for most mileage on a street car: more than 3.2 million miles. That car has a B18 engine that was rebuilt twice. The highest-mile junkyard car I've found was a Volvo as well, though it only had 626,476 miles. Does the credit go to the cars or to their owners? Yes! This car appears to have sat outside near the Pacific for too many decades; it has the top-down rust associated with living in the salt spray and fog near beaches in NorCal. This is pretty bad, but I've seen worse. This Volvo's final parking spot is just about a mile from crashing ocean waves. Worth restoring? No way, not when much nicer examples sell for a few grand. All the chawed-up seat foam suggests that raccoons and other Golden State wildlife lived inside for quite a while. The good news is that many of this crusty old Swede's components will live on in other Volvos. In fact, one of my regular readers scored a junkyard bonanza when he found this car (and several other vintage Volvos) not long before I arrived. Northern California car graveyards still offer plenty of old Scandinavian steel. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. You tell 'em, Christina!

Daimler, Geely mull China as production hub for hybrid powertrains

FRANKFURT — Daimler and Geely on Friday said China could emerge as a manufacturing and export hub for hybrid powertrains jointly developed for Volvo and Mercedes-Benz cars. Earlier this week, Daimler said it would cooperate with China's Geely to build next-generation combustion engines for use in hybrid vehicles. The engines will be produced in China as well as in Europe, and Geely and Daimler will cooperate in engineering, sourcing and production, the companies said in a joint press release. "The export of the engine from China is considered to be an option," the release further said. Mercedes-Benz aims for more than half of its passenger car sales to be comprised of plug-in hybrids or purely electric vehicles by 2030. Geely is ChinaÂ’s most internationally known automaker. It owns Volvo Cars and Lotus, almost half of Proton and 9.7% of Daimler. Through wholly owned company Polestar, it builds low-volume Polestar 1 hybrid performance cars in the western city of Chengdu and Polestar 2 volume sedans in Taizhou in the east. "The companies plan to develop a highly efficient modular engine," a spokesman for Daimler said, adding that it would be used in hybrid drivetrains and manufactured in Europe and China. The modular engine will be used in cars under different marques at Geely and Daimler, a person familiar with the matter said on condition of anonymity as the companies are still in the early stages of developing the engine. An Conghui, President of Geely Holding Group, President and CEO of Geely Auto Group said: “This project reflects the need for economies of scale and targeted research and development investment in clean and highly efficient powertrains and hybrid drive systems and their applications." Geely also plans to build a plant with annual manufacturing capacity of 30,000 premium EVs in the western city of Chongqing, run by a wholly owned, newly registered company, according to documents on its website. Geely and Polestar declined to comment. The plan comes as foreign automakers including BMW AG and Tesla expand EV production in the worldÂ’s biggest market, sourcing major EV components such as batteries locally and often even exporting a portion of the vehicles it builds.   Auto News Earnings/Financials Green Plants/Manufacturing Mercedes-Benz Volvo Green Automakers Future Vehicles Hybrid