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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.

Rinspeed issues its Budii call for Geneva [w/video]

Of all the concepts prepared every year for the Geneva Motor Show, those made by Rinspeed are typically the most outlandish and forward-thinking. And this is the latest from Frank Rinderknecht and company. Though Rinspeed's been known to build entirely original vehicles from the ground up, it tends to base its creations on production models: Following the Tesla-based XchangE from last year, the Smart-based Dock+Go of 2012, the Fiat-based E2 from 2009 and the Lotus-based sQuba in 2007, the new Budii concept is based on the BMW i3. That means, of course, that it's powered by electricity, but the technology demonstrator is focused more on autonomous driving tech. The Budii incorporates a periscopic camera and laser scanner to map the terrain and the road ahead from above, and a drive-by-wire steering system that allows the steering wheel on an articulated column to be passed between driver and passenger or tucked out of the way to let the electronics take over. Once unburdened of the task of driving, the occupants can enjoy the proliferation of touchscreens, the "wellness shower" (whatever that is) installed in the headliner, the automatic watch-winder on the steering column and the interior accoutrements furnished by Mansory. The whole thing rides on a lowered suspension with 19-inch Borbet alloys, with a rainbow Knight Rider-style grille in the nose. But to appreciate the full scope of the consortium of suppliers that collaborated with Rinspeed to bring the Budii to life, you'll want to delve into the press release after the video below and scope out the dozens of high-resolution images in the slideshow above. 2015 Geneva Motor Show: Rinspeed "Budii" redefines human-machine interaction Reach out to robots The vision of autonomous driving will soon become reality and will fundamentally change the interaction of man and automobiles. While the research centers of the automotive industry are still feverishly working on the technical solutions, progressive thinkers such as the Swiss idea factory Rinspeed are already giving concrete thought to how automated private transport will transform the car and the man-machine system. Besides fundamental conceptual changes, this will also have to involve issues of ethics and society. In the past, the robots in the factories of this world merely assembled cars for people. In the new "Budii" concept car from Swiss automotive visionary Frank M.

Audi to spend $17 billion to fight BMW

It's no secret that VW Group, parent company to not only Volkswagen but also Audi, Bugatti, Bentley, Lamborghini, Porsche and Ducati brands sold in the US, is determined to become the world's largest automaker. Even more impressive is that VW is prepared to spend billions to make it happen.
With that comes word that VW Group will be spending $17 billion on its Audi brand over the next three years to push itself above rival BMW. The money will be invested in both vehicle development (including lightweight auto design and alternative powertrains) and facilities (including expansion in Hungary, China and new operations in Mexico). The luxury brand is focused on global manufacturing infrastructure.
Already Europe's best-selling luxury brand, Audi's objective is to overtake BMW by the end of the decade by selling more than two million cars per year (BMW is shooting for 1.54 million sales in 2013). If those objectives are met, VW Group should be on track to be the industry's volume leader by 2018.