The Treasury said the new requirements effective on Tuesday will also cut by half credits for the Tesla Inc Model 3 Standard Range Rear Wheel Drive to $3,750 but that other Tesla models will retain the full $7,500 credit.
Vehicles losing credits on 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 electric (PHEV) 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 Motor Co 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…
Read More