The U.S. Treasury said on Monday that Volkswagen, BMW, Nissan, Rivian, Hyundai and Volvo electric vehicles will lose access to a $7,500 tax credit under new rules for battery sourcing.
ID.4 as well as the plug-in hybrid electric Audi Q5 TFSI e Quattro and plug-in hybrid 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.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.
VW said it was "fairly optimistic" the ID.4 SUV will qualify for the tax credit. "We are awaiting the proper documentation from a supplier to determine its eligibility for the credit," the German automaker said.Treasury also disclosed General Motors CoGM 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.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
VW, Rivian, Nissan, BMW lose access to U.S. EV tax creditsThe 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.
Read more »
VW, Rivian, Nissan, BMW, Genesis, Audi and Volvo lose EV tax credits starting tomorrowThe 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.
Read more »
Rivian vs Ford: Which Electric Pickup Truck Can Go Farther?We fully charge a 2022 Rivian R1T and a 2022 Ford F-150 Lightning and drive them together on the highway to determine which electric truck can go farther.
Read more »
Troubled Waters For The BMW XM? Massive $10K Discounts Reported As Label Red Shows Up | CarscoopsA BMW dealer is allegedly offering XMs with a $10,000 discount car auto cars
Read more »
BMW apparently readying M3 CS TouringThought the M3 was as good as a fast could get? Might be time to think again.
Read more »
BMW launches new 660hp i7 M70More power than an M5 CS and 'luxurious elegance' aplenty for third M Performance EV - and the quickest yet ⚡️
Read more »