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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.

GM trucks get hybrid versions, but you'll probably never see one

A few years ago, General Motors sold hybrid versions of its Chevy Silverado and GMC Sierra pickups. They weren't very good, using GM's old two-mode hybrid system that resulted in only negligible fuel economy gains. But GM's trying again, launching eAssist models of the 2016 Silverado and Sierra that are said to offer 2-mpg improvements in city, highway, and combined fuel economy ratings. Problem is, you probably won't be able to get one. Only 700 eAssist trucks will be made for the 2016 model year – 500 Silverados and 200 Sierras. When you consider that GM moved 824,683 examples of its light-duty pickups in 2015, this small run represents 0.08-percent of all Silverado/Sierra production, and GM says it "will monitor the market closely ... and adjust as appropriate moving forward." But that's not the only limitation. The eAssist trucks will only be sold through California dealers. For the Silverado, eAssist can only be optioned on the 1500 Crew Cab 1LT 2WD model, and for the Sierra, the fuel-saving technology is solely available on the 1500 SLT Crew Cab 2WD model with the SLT Premium Plus package. Granted, in terms of the Sierra, that means you get niceties like LED headlights and taillights, Apple CarPlay and Android Auto, Bose premium audio, heated seats and steering wheel, lane keep assist, and more. In the trucks, eAssist combines a small electric motor and 0.45-kWh battery pack with the pickups' 5.3-liter V8. GM estimates total output of 355 horsepower and 383 pound-feet of torque – no more horsepower than the non-eAssist trucks, but three more pound-feet of torque. GM says the eAssist trucks can tow up to 9,400 pounds, and the battery only adds 100 pounds to the trucks' weight. The electric motor provides 13 hp and 44 lb-ft of torque for a boost of acceleration off the line, or during passing. It also allows the engine to run in four-cylinder mode for longer periods of time. eAssist uses regenerative braking to help power onboard electrical systems, and adds start/stop to the powertrain. Finally, the so-equipped trucks have a six-percent improvement in aerodynamics, thanks to a soft tonneau cover and active grille shutters in the front fascia. Great news is, the eAssist option is relatively inexpensive, only costing $500. But good luck getting your hands on one.

Opel pulls out of Russia, GM to focus on Cadillac, 'iconic' Chevys

General Motors is going to realign its priorities in the struggling Russian marketplace, withdrawing its Opel brand and pulling out mainstream Chevrolet models. Instead, the General will take aim at Russia's well-established oligarchy, pushing Cadillac as well as "iconic" Chevrolet models, like the Corvette, Camaro and Tahoe. "This change in our business model in Russia is part of our global strategy to ensure long-term sustainability in markets where we operate," GM president Dan Ammann said in a statement. "This decision avoids significant investment into a market that has very challenging long-term prospects." Russian customers interested in an Opel or mainstream Chevys like the Spark, Aveo (the US market Sonic), Cobalt (shown above), Cruze, Orlando and the like have until December to snap up a car before the brands are pulled. "We do not have the appropriate localization level for important vehicles built in Russia and the market environment does not justify a major investment to further localize." Opel Group CEO Karl-Thomas Neumann said. GM will continue to offer service to customers in Russia. "We can assure our customers that we will continue to provide warranty, parts and services for their Chevrolet and Opel vehicles," Neumann said. Beyond realigning its brands in Russia, GM also announced that it would also be idling the company's factory in the country's second-largest city, St. Petersburg. This is the second time the St. Petersburg factory has been in the news – GM announced that it'd be idled for roughly two months back in February. Scroll down for the official press release from GM. GM to Change Business Model in Russia 2015-03-18 Focus on Cadillac and iconic Chevrolet vehicles Wind down Opel brand and sale of mainstream Chevrolet cars Idle GM Auto manufacturing facility in St. Petersburg Part of GM's strategy to ensure long-term sustainability in global markets DETROIT – General Motors today announced plans to change its business model in Russia. GM will focus on the premium segment of the Russian market with Cadillac and U.S.-built iconic Chevrolet products such as the Corvette, Camaro and Tahoe. The Chevrolet brand will minimize its presence in Russia and the Opel brand will leave the market by December 2015. "This change in our business model in Russia is part of our global strategy to ensure long-term sustainability in markets where we operate," said GM President Dan Ammann.