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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.

Next Audi R8 to be up to 130 pounds lighter

"Simplify and add lightness," as Lotus founder Colin Chapman said. In a world where even supercars are subject to environmental, efficiency and emissions standards, lighter vehicles are being looked on as a sort of panacea - make it lighter, and it's automatically faster, more agile, easier to brake and better on gas.
Knowing this, it comes as no shock that Audi is looking at ways to lighten up its next-generation R8, with the brand's head of technical development Ulrich Hackenberg targeting a 110- to 130-pound diet for the mid-engine rocket. This supports previous reports regarding the focus for the next R8. Motor Trend reports that aluminum and carbon fiber feature heavily in plans for the next R8, which should go a long way toward slimming down even the lightest of R8s, the 3,678-pound V10 Plus model.
There's more over at Motor Trend, including the buff book's attempts to get Hackenberg to discuss powertrain options for the next R8.

2015 Audi S3 configurator goes live with all the black and silver paint you've hoped for

It has already been nearly a year since we completed our First Drive of the premium pocket rocket Audi S3, with official pricing for the car detailed earlier this summer. Those are facts, but facts won't help you while away your lunchtime in blissful, car-dreaming reverie, will they?
No, for help with imagining just exactly the kind of Audi S3 that you'd like to put in your garage, the freshly launched configurator is just the thing.
Every 2015 Audi S3 will come with 2.0T power under the hood - to the tune of 292 horsepower and 280 pound-feet of torque. The most basic Premium Plus trim (an interesting renaming of "entry level" we'll grant you) starts at $41,100 before destination, while the higher-content Prestige asks $47,000. The extra six grand buys you full LED lighting, tri-zone climate control, S model appearance upgrades like quad exhaust tips and a more advanced infotainment suite with Bang & Olufsen sound.