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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.

2014 BMW 4 Series Convertible is easy, breezy, beautiful

BMW debuted its 2014 4 Series Convertible today at the LA Auto Show, and the sporting two-door will feature a folding hardtop - like the convertible 3 Series before it - and be offered in 428i and 435i guises.
The 428i Convertible is equipped with BMW's 2.0-liter turbocharged inline four-cylinder engine, which pumps out 240 horsepower and 255 pound-feet of torque - good for sprinting from 0-60 miles per hour in 6.2 seconds. The 435i Convertible gets the 3.0-liter turbocharged inline six-cylinder engine, which steps up output to 300 hp and 300 lb-ft of torque. The topless 435i drops the 0-60-mph time to 5.5 seconds. Both cars come standard with an eight-speed automatic transmission, and BMW says that a manual transmission will not be offered on 4 Series Convertibles in the US market.
The 4 Series Convertible will be offered in Sport Line, Luxury Line and M Sport trims. Pricing starts at $48,750 for the 428i Convertible and $54,900 for the 435i. Head on below to peruse the (long) press release for details.

Recharge Wrap-up: BMW X5 PHEV debuting in Shanghai, Proterra sets up shop in CA

South Carolina-based Proterra has received funding to build electric buses in California. The California Energy Commission has awarded the company, which is headed by former Tesla executive Ryan Popple, a $3-million grant. Proterra will use the funds for a facility in the LA suburb the City of Industry, where its largest customer, Foothill Transit, also operates. Proterra has also opened an office in San Bruno, just south of San Francisco. Read more at SFGate or at ValueWalk. Despite its "urban mobility" design, the BMW i3 has become popular outside of large cities. Rather than singular urban centers, "The strongholds in this country are parts of California, Texas and southern Florida," said BMW North America CEO Ludwig Willisch. He also says the electric car hasn't been particularly successful in the Northeast, with cities like New York perhaps not being as mindful of sustainability as California. BMW is also nearing i3 sales of 12,000 a year, which Willisch calls "a sustainable rate." Read more at Automotive News. BMW will debut its X5 xDrive40e plug-in hybrid at the Shanghai Motor Show this month. It is the first PHEV from BMW's core brand (not from its i sub-brand). It uses a turbocharged four-cylinder engine and electric motor for a total of 313 horsepower, and a combined fuel economy of about 70 miles per gallon (according to the ECE test cycle). Press days for the Shanghai Motor Show are April 20-21. Read more in the press release below. BMW at Auto Shanghai 2015. At a glance •BMW at the 16th International Automobile & Manufacturing Technology Exhibition (Auto Shanghai) from 22 – 29 April 2015 (Press Days from 20 – 21 April). •BMW presents a world premiere, four Asian premieres and two Chinese premieres in Shanghai. •World premiere: the BMW X5 xDrive40e Sports Activity Vehicle is the first plug-in hybrid series-production model from the BMW core brand. •Asian premiere: the new BMW 2 Series Gran Tourer is the first premium model in its segment to offer maximum variability and room for up to seven people. •Asian premiere: the new edition of the BMW 1 Series is even more expressive, sporting and efficient than before. •Chinese premiere for the three athletes in the luxury class: the new BMW 6 Series Convertible, the new BMW 6 Series Coupe and the new BMW 6 Series Gran Coupe. •Chinese premiere with top-notch driving dynamics, efficiency and exclusivity: the new BMW M6 Coupe and the new BMW M6 Gran Coupe.