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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.

2016 Jeep Grand Cherokee SRT Night puts on a dark face

We'd love to tell you that the Jeep Grand Cherokee SRT you see above is powered by a hellish 707-horsepower supercharged V8 engine, but we can't. We hope that's coming soon, but in the meantime, we'll all just have to live in a world where an SUV with a 6.4-liter engine sends a mere 475 horsepower and 470 pound-feet of torque to all four wheels. So it goes, right? It's not a Trackhawk, and it's not a Hellcat. This is the Jeep Grand Cherokee SRT Night. That basically means it's just like all other 2016 Jeep Grand Cherokee SRT models, except that any and all brightwork has been replaced with gloss black bits. To complete the dark and mysterious look, all of the car's badging, its front fascia and its unique set of 20-inch wheels are done up in a satin-black finish. The body can be ordered in Velvet Red, Billet Silver and Granite Crystal (dark grey). Inside, as you'd expect, all the chrome has been painted black, and the black leather seats have silver stitching. Sure, we want to see the Hellcat engine dropped inside the Grand Cherokee SRT just as much as you do, but it's hard to complain about a 4.8-second 0-60 time or a top speed of 160 miles per hour. Feel free to read more in the press release below. 2016 Jeep Grand Cherokee SRT Night The new Jeep Grand Cherokee SRT Night features a stealth-like appearance with the roof, rear spoiler, front grille bezels, B and C pillars and side window surrounds all adorned in Gloss Black. The front applique is Satin Black, as is badging on the hood and rear liftgate. New lightweight, split five-spoke "5Ten" 20-inch wheels are also finished in Satin Black and are designed to showcase the Grand Cherokee SRT8's standard Brembo brakes. Interior appointments include Black Laguna leather with Silver accent stitching and Light Black Chrome bezels. Available colors for the Jeep Grand Cherokee SRT Night include Velvet Red, Billet Silver and Granite Crystal. Jeep Grand Cherokee SRT Night features a standard 6.4-liter V-8 engine with Fuel Saver Technology that delivers 475 horsepower and 470 lb.-ft. of torque, an adaptive damping suspension and a Selec-Track Traction Control system. Available features include a dual-pane sunroof, a 19-speaker 825-watt Harman Kardon stereo system, trailer tow package, three-season tires, a full-size spare tire and a dual-screen rear entertainment system.

Chrysler nets $1.6B income in Q4, Fiat profit up 5%

Chrysler announced its 2013 financial results today and unveiled its new name and decidedly bank-like logo. Amid the announcement, Chrysler posted big gains in income, while Fiat didn't perform to analysts' expectations.
For 2013, Chrysler had revenue of $72.1 billion, up 10 percent from 2012. Net income reached $2.8 billion, a 65-percent increase. It was the company's third straight year of annual profits.
In terms of unit sales, Chrysler sold 2.4 million cars worldwide in 2013, up 9 percent. According to Automotive News, 1.8 million of those vehicles were sold in the US, a 14-percent increase. The sales growth boosted Chrysler's US market share to 11.4 percent, up 0.2 percent.