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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.

11 vehicles from Barrett-Jackson Las Vegas worth watching

This weekend will see the world's collector car crowds descend on Las Vegas, NV for one of the biggest shows on Barrett-Jackson's popular auction circuit. There are hundreds of vehicles up for bidding, ranging from a brand-new Lamborghini Aventador to a spattering of Art Deco classics and a huge swath of classic muscle cars.
While it's virtually impossible to assemble an inarguable list of the best cars coming during the three-day, 700-plus vehicle auction, we've sifted through the listings for this year's show - it was a tough assignment, we promise - and assembled a list of what we think will be some of the most interesting lots. We'll admit, it's a bit heavy on American iron, but if you browse BJ's listings, you'll come to a similar conclusion. Still, scroll down for our list of what we think will be the most interesting vehicles at the upcoming auction.

Cadillac clears camo off the XT3 revealing grille, lighting details

Up until now, every Cadillac XT3 we've seen has been buried under covers and vinyl wraps, but one of our spy photographers recently captured a group of them with significantly less camouflage. As a result, we finally get a relatively clear picture of what the car will look like. The nose blends the look of current Cadillacs with cues from last year's Escala concept. The headlights still appear to stretch up into the top of the fenders like its production brethren, but they don't descend as far down the front fascia, a hint of Escala influence. The grille also features more of egg-crate mesh like that Cadillac concept. In profile, we can see evidence of the XT3's smaller size compared with the XT5, mainly in the lack of any glass area behind the rear door. Other evidence of the smaller size is that our spy photographer reports the cars were being tested alongside the BMW X3 and Mercedes-Benz GLC-Class. The profile also shows that the XT3 will have a hard-edged rear end with a rakish hatch. At the back, there isn't a whole lot to report, but the taillights look like they'll be interesting. There appears to be a horizontal element in the middle of the hatch similar to what we've seen on the Escala and the refreshed XTS. We can also see some lights up on the C-pillar, which indicates that the XT3 will also have tall vertical elements up those pillars like on the Escalade. We expect the XT3 to show up late in 2018. It will likely be powered by a turbocharged four-cylinder of some sort, and because it will probably be based on an existing GM crossover or sedan platform, it will probably have front-wheel drive and/or a front-drive based all-wheel-drive system. Related Video: Featured Gallery Cadillac XT4 Spy Shots View 13 Photos Image Credit: Brian Williams Spy Photos Cadillac Crossover SUV Luxury cadillac xt3