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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.

Driving the Lincoln Aviator and flogging Abarths at Laguna Seca | Autoblog Podcast #593

In this week's Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by West Coast Editor James Riswick and Associate Editor Joel Stocksdale. To begin, Greg takes a moment to remember the fastest woman on four wheels and former host of Autoblog's "The List," Jessi Combs, who died this week. Then our editors turn their attention to the cars they've been driving, including the Lincoln Aviator, Ford Ranger and Nissan Frontier, as well as Joel's recent stint in the Fiat 500 Abarth and Fiat 124 Spider Abarth, including track time at Laguna Seca. Finally, they turn their attention to a listener in Germany who is looking to replace an aging Volkswagen Eos with a newer convertible in this week's "Spend My Money" segment. Autoblog Podcast #593 Get The Podcast iTunes – Subscribe to the Autoblog Podcast in iTunes RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown Remembering Jessi Combs 2020 Lincoln Aviator and Aviator Grand Touring 2019 Ford Ranger 2019 Nissan Frontier 2019 Fiat 500 Abarth and 124 Spider Abarth at Laguna Seca Spend My Money Feedback Email – Podcast@Autoblog.com Review the show on iTunes Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.  

Asking price for Paul Walker's GT-R from Fast & Furious nearly triples [w/video]

The German owner of the only Nissan Skyline GT-R to survive filming Fast & Furious (a.k.a., The Fast and the Furious 4) has put his car up for sale following the death of Paul Walker, Yahoo Autos reports. The original sale price was reportedly an already hefty 300,000 euros ($412,110), but it has since been raised to 1,000,000 euros ($1.37 million).
Despite many well-intentioned efforts, the Skyline GT-R was (and still is) illegal to import for street use in the US, so this R34-generation GT-R and seven others were shipped here without engines and classified as kit cars to sidestep federal law. Once here, the engines were installed, and seven street-legal GT-Rs proceeded to be destroyed during the filming of F&F. But one car, the "hero" car for sale here, was driven by Walker in non-violent scenes and thus is the only GT-R that survived filming.
Then, in July 2009, the federal government cracked down on importers of these cars, seizing almost 50 GT-Rs, including this one, telling owners to export them or risk having them destroyed. The hero GT-R was therefore exported, and its whereabouts have been unknown until recently, when the current German owner allowed it to be featured in a review (watch the German-language video below). You can see the online ad (also German) of the heavily modified GT-R here, where it sits proudly with its sky-high price tag.