2001 Volvo Xc70 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.

Volvo Concept Recharge full of sustainable materials

In June, Volvo showed us the conceptual exterior of its future vision in a swoopy wagon-like package called the Concept Recharge. The Swedes are now ready to show us the vision's interior and tell us what it's made of, calling it "a manifesto for Volvo Cars' future." With the context being Volvo's aim of selling only EVs by 2030 and being carbon neutral by 2040, the battery-electric Concept Recharge is a way for the automaker to get there and look stylish while doing it. It starts and nearly ends with employing sustainable, recyclable materials everywhere. Outside, the front and rear bumpers and the rocker panels are fashioned from flax composite. Only six percent of the materials in the specially developed Pirelli tires come from fossil resources, the rest from recycled and renewable materials like natural rubber, bio-silica, rayon and bio-resin. Every aspect of the bodywork has been shaped to increase aerodynamic efficiency, from the wheel design to the compact, upright rear end. Efficiency will also be a key development for the batteries. Volvo hasn't mentioned those yet in regard to the concept, but we know the company doesn't simply want to add more cells to increase range, since that adds weight and increases a vehicle's carbon footprint. Volvo is working with Swedish firm Northvolt on more energy-dense battery packs with shorter charging times. Inside, the Concept Recharge takes an evolutionary leap from the sustainable cabin now available in the C40 Recharge. The seat backrest and top of the instrument panel are dressed in "responsibly sourced Swedish wool" woven into a breathable, additive-free cloth. The seat bolsters and door panels areas that will see a lot of contact are covered in Tencel, a soft-touch yet durable cellulose fiber product. The floor and lower doors are wrapped in 100% wool. The seatbacks, the fronts of the headrests, and part of the steering wheel are covered in a material Volvo developed called Nordico. The company's being secretive about the composition, only telling us that Nordico's been created out of recyclable ingredients found in sustainable forests. And flax composite shows up again inside in the storage pockets, the back of the headrest, and the footrests. The automaker says that if the Concept Recharge's battery is charged using renewable energy, it would contribute less than 10 metric tons of CO2 over the wagon's lifespan. The U.S.

Volvo teases new electric SUV for 2023 reveal

At the launch of the Volvo EX90 flagship electric SUV, Volvo teased a new, smaller electric ute for reveal in 2023. At the end of the presentation (around 1:32:50), Volvo CEO Jim Rowan told media in attendance to look closely as animated graphics appeared on the screen behind the EX90. There, shrouded in darkness, we see the rear illumination of the EX90, with flashes of a smaller SUV appearing next to it briefly. Could this be an electric successor to the XC60, perhaps to be called the EX60? It looks like it could be smaller than the XC60, but it's hard to be sure in this dark image. We’ll have to wait until 2023 to know for sure. But Volvo has said it intends to release a new EV each year as it transitions to an all-electric lineup by 2030. Stay tuned. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.