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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.

Carfection looks for the ultimate pocket rocket

If there's one thing we love, it's a good showdown. Especially when it's on video, done by some Englishmen, and involving some manner of performance machinery. Like this latest clip, for example, from Carfection. The team formerly known as Xcar have assembled three very compelling supermini hot hatches: two we can get on our side of the pond, and one we can't. One American, one Frenchman, and one Brit. One cheap, one expensive, and one somewhere in between. They all pack turbo fours, of course, but placed in entirely different packages. There's the evergreen favorite Ford Fiesta ST, the Renault Clio RS 220 Trophy that should have the rest licked, and the retro rocket that is the Mini JCW. And there's only one way to find out which is the best. It's a tough contest, to be sure, but lest you think it all comes down to specifications or which one's the newest, you'll want to think again. Because when it comes to hot hatches, all the electronic gizmos and power boosts in the world can't show up a perfectly dialed-in chassis that lets you hug the curves and feel like you're going a lot faster than you actually are. But don't take our word for it – see what our British friends have to say about it in the Queen's English in the seventeen-minute clip above. Related Video:

GM, Ford, Honda winners in 'Car Wars' study as industry growth continues

General Motors' plans to aggressively refresh its product lineup will pay off in the next four years with strong market share and sales, according to an influential report released Tuesday. Ford, Honda, and FCA are all poised to show similar gains as the auto industry is expected to remain healthy through the rest of the decade. The Bank of America Merrill Lynch study, called Car Wars, analyzes automakers' future product plans for the next four model years. By 2020, 88 percent of GM's sales will come from newly launched products, which puts it slightly ahead of Ford's 86-percent estimate. Honda (85 percent) and FCA (84 percent) follow. The industry average is 81 percent. Toyota checks in just below the industry average at 79 percent, with Nissan trailing at 76 percent. Car Wars' premise is: automakers that continually launch new products are in a better position to grow sales and market share, while companies that roll out lightly updated models are vulnerable to shifting consumer tastes. Though Detroit and Honda grade out well in the study, many major automakers are clumped together, which means large market-share swings are less likely in the coming years. Bank of America Merrill Lynch predicts the industry will top out with 20 million sales in 2018 and then taper off, perhaps as much as 30 percent by 2026. Not surprisingly, trucks, sport utility vehicles and crossovers will be the key battlefield in the next few years, Car Wars says. FCA will launch a critical salvo in 2018 with a new Ram 1500, followed by new generations of the Chevy Silverado and GMC Sierra in 2019, and then Ford's F-150 for 2020, according to the study. Bank of America Merrill Lynch analyst John Murphy said the GM trucks could be pulled ahead even earlier to 2018, prompting Ford to respond. "This focus on crossovers and trucks is a great thing for the industry," Murphy said. Cars Wars looks at Korean (76 percent replacement rate) and European companies more vaguely (70 percent), but argues their slower product cadence and lineups with fewer trucks puts them in weaker positions than their competitors through 2020. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Featured Gallery 2016 Chevrolet Silverado View 11 Photos Image Credit: Chevrolet Earnings/Financials Chrysler Fiat Ford GM Honda Nissan Toyota study FCA