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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.

Before Chevrolet's Redline, there was the Saturn Red Line

While Chevy rolls out Redline special editions across more of the lineup at this year's Chicago Auto Show, we've been eating some 'member berries and started thinking about the last time GM used the term. Back in 2004, Saturn rolled out Red Line (two words) editions of the Ion and Vue. The lineup was joined by the Sky Red Line in 2007, and the second-generation Vue kept the tradition going in 2008. This was in the heady days of the mid-2000s, before the financial crisis and GM's bankruptcy reorganization that saw the end of Saturn. The press release headline for the 2008 Sky is now cringe-worthy: "Hot-selling Sky helps drive Saturn product renaissance." Performance lineups were the hot new thing, as automakers attempted to cash in on the tuner trend popularized by The Fast and the Furious. Chevy had SS models, Pontiac had GXP, and Saturn had Red Line. Across the Detroit Metro area, Dodge had a slew of SRT models, and Ford's Special Vehicle Team brought us the SVT Lightning pickup, the SVT Focus, and a smattering of hopped-up Mustangs. The performance cred of Red Line models varied from car to car. The Ion Red Line shared the same engine as the original Chevy Cobalt SS, a 205-horsepower supercharged 2.0-liter four-cylinder, 65 hp more than stock. Car and Driver tested one with a 0-to-60-mph time of 6.1 seconds and said the Ion "tears down the wall that has separated enthusiasts from the Saturn brand for so long." The Vue Red Line, meanwhile, came with the same optional Honda-sourced 3.5-liter V6 you could get in the regular Vue, and added a stiffer, lower suspension, bigger wheels with more aggressive rubber, and recalibrated steering assist. When the Vue was redesigned for the 2008 model year, the Vue Red Line was a similar proposition. The engine was now from GM, and up 7 horsepower to 257, but you could get it in both Red Line and XE trim. Aside from the tire and suspension upgrades, Red Line models now came with a unique front fascia and rear exhaust cutouts. The most exciting Red Line, of course, was the high-performance version of the Sky roadster, which shared underpinnings with its Pontiac Solstice twin. This model came with GM's hot 2.0-liter Ecotec Turbo, good for 260 horsepower. The extra power was crucial in covering up the Sky's unfortunate manual gearbox ratios, which left the non-turbo model aching for torque in lower gears. As we all know, Saturn was taken by the grim reaper in 2009 after an attempt to sell the brand to the Penske Group.

GM posts $4 billion third-quarter profit thanks to trucks and SUVs

DETROIT — General Motors is posting huge third quarter numbers, pulling in $4 billion in profit over three months after losing money due to the virus outbreak. GM's adjusted earnings were $2.83 per share, easily outpacing Wall Street's per-share projections of $1.43, according to a survey by FactSet. Revenue of $35.5 billion also edged out most expectations. Shares jumped almost 6% before the opening bell Thursday. The company swung back from a $806 million loss in the second quarter, when it was restarting factories shuttered for safety during the early stages of the pandemic. The Detroit automaker joined most global automakers in reporting better-than-expected earnings from July through September as sales across the globe started to rebound from coronavirus lockdowns, especially in China. GM sales in China jumped 12% in the third quarter, with sales of its Buick and Cadillac brands both rising more than 25%. In the U.S., GMÂ’s most profitable market, sales fell 9.9% in the third quarter compared with a year ago, but were a dramatic improvement over the 34% drop in the second quarter. Sales improved sequentially each month, the automaker said, an encouraging trend. GMÂ’s profit was boosted by higher-priced pickup trucks and large SUVs, which have seen strong sales in the U.S. through the pandemic. It was the best quarter on record for GM's Chevrolet Blazer. Sales of the Cadillac XT6 spiked 45% in the U.S. over last year. Large pickups also sold well. GM also said it was pumping $2 billion into its Spring Hill, Tennessee manufacturing plant to push its transition to produce electric vehicles. Last week, crosstown rivals Fiat Chrysler and Ford reported strong third-quarter net income. FCA said it made $1.4 billion for the period, while Ford earned $2.39 billion. Related Video: Earnings/Financials Buick Cadillac Chevrolet GM GMC