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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.

Outrageous Thor24 semi truck to appear in the new season of 'Jay Leno's Garage'

Wednesday is Jay Leno's birthday, and CNBC used the occasion to announce the upcoming season of Jay Leno's Garage. In a new teaser video, Leno is seen with a stacked list of guests, some new, some repeats, as well as a wild gamut of vehicles, including the absolutely insane 24-cylinder, 3,424-horsepower Thor24.  The outrageous semi build, which sold at auction in Saudi Arabia earlier this year for a whopping $12 million (or $1 million per supercharger) will join the likes of the Tesla Cybertruck and a recliner on wheels on the upcoming season of Jay's series.  Thor24 View 24 Photos The formula for Jay Leno's Garage is simple, successful, and not changing anytime soon. He brings out a bunch of famous people, some of which are real enthusiasts, others who have more casual driving backgrounds, and they experience a vehicle together. In the short clip released by CNBC, Leno is accompanied by Elon Musk (again), Danny Trejo, Bill Burr, Tim Allen, Jon Hamm, Brad Garrett, Jeff Dunham, Kelly Clarkson, Matt LeBlanc, Blake Shelton, Norm MacDonald, Edd China, and Jon Lovitz.           View this post on Instagram                   Thank you for sharing your dream with us. Happy Birthday, Jay! Love always, your @cnbcprime Family. A post shared by Jay Leno's Garage (@jaylenosgarage) on Apr 28, 2020 at 8:27am PDT The people, however, are merely social lubricants to spotlight the real stars of the show, the cars. This season will include the Tesla Cybertruck, the record-breaking Bugatti Chiron Super Sport 300+, a 1965 Buick Riviera, a naked cat car, an Aston Martin DBS Superleggera, a Porsche Taycan, a modern Ford GT, a Chevrolet Corvette C8 hard-top convertible, amphicars, a snail car, a beetle car, a couch car, and the 24-cylinder, 12-supercharger, 3,424-horsepower Thor24 semi. Just to name a few. As usual, there will be racing, stunts, spinouts, smoke from both tires and engines, and lots of silly dad jokes. Season 5 of Jay Leno's Garage debuts on CNBC on May 20 at 10 p.m. ET. Related Video: Celebrities Green TV/Movies Aston Martin Bugatti Chevrolet Tesla Special and Limited Editions Jay Leno Jay Lenos Garage

Mysterious white powder discovered at GM Orion Assembly

Workers at General Motors Orion Assembly Plant in Orion Township, MI uncovered a mysterious white powder in two different parts of the factory earlier this week, raising concerns about worker safety. "We can confirm that an unknown substance (white powder) was found on the floor outside of Gate 6 at Orion Assembly on Monday, August 29. On Tuesday, August 30, we had a second report of a bottle containing a similar substance found inside the plant," GM spokesperson Dayna Hart told The Oakland Press via email. GM stressed that incident didn't disrupt operations at the plant, and that the company was taking steps to ensure the safety of the sprawling factory's workers. That did include, an anonymous worker told The Oakland Press, closing off parts of the factory for two full days, as drug-sniffing dogs and crews in haz-mat suits descended on the area. "A sample of the substance has been sent to a laboratory for identification and results are expected later this week," Hart said. "All findings and actions have been shared with our employees." Orion Assembly currently builds the Chevrolet Sonic and Buick Verano, and will eventually be responsible for production of the new, all-electric Chevy Bolt early next year. Related Video: