Posted on 04/17/2023 9:29:58 AM PDT by CFW
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.
(Excerpt) Read more at finance.yahoo.com ...
The taxpayers should NOT be subsidizing any of em....
IF they’re soooo good, let em stand on their own and openly compete in a free market.
The only bad news is that we’re subsidizing EVs in the first place.
DOH!
Subsidized on the manufacturing side and subsidized on the purchasing side because there is no cost/benefit analysis that makes sense otherwise.
Impossible to cut China out of the EV battery supply chains.
The Dems are only trying to help UNION MEMEBERS. They did this when they got mad at Toyota when obama was president and fabricated a big recall. Seems they like to target non-union foreign-owned competitors. That’s how they get them to comply with their demands.
“IF they’re soooo good, let em stand on their own and openly compete in a free market”
That’s why the POS in the Whitehouse has the squeeze on fossil fuel and ICE cars.......because EVs aren’t worth a shit so they have to cheat and rig the game.......just like everything else they do.
And the government should not be picking and choosing the winners and loosers.
Tesla hasn’t got them since 2018. Made too many cars.
I know a guy who owns a Chevy dealership.
He told me he has three Volts sitting in the back of the lot.
Can’t get rid of them. NOBODY wants them.
I’m interesting in the Rivian angle to the story due to the Rivian battery plant being built in Georgia. Kemp gave the company some major tax breaks to built the plant in a rural part of Georgia. Tax payers have sued but judges have sided with Rivian and dismissed their cases.
From what I understand Rivian is cash poor and does not have the money to last but another two years without beginning to produce a viable product that sells. Tax dollars shouldn’t be propping them up. The entire Rivian EV battery thing has the smell of Solyndra to it. Suck money out of the tax payers, then go out of business. The battery efficiency is just not ready for prime time and shouldn’t be subsidized by tax dollars.
https://www.fool.com/investing/2023/03/01/rivian-is-burning-through-cash-but-its-customers-l/
>> The taxpayers should NOT be subsidizing
exactly
I’m OK with EVs, but they should never have had subsidies.
What the EPA announced last Wednesday forcing us all to EVs is not going to end well. There is no way EVs can become that big of a thing in 10 years.
This is basically “Cash for Clunkers” with different window dressing.
“He told me he has three Volts sitting in the back of the lot.
Can’t get rid of them. NOBODY wants them.”
Chevy no longer produces the Volt for past several years. It was not full electric. The Bolt is a hot seller with big markups by dealers.
“I’m interested in the Rivian angle to the story due to the Rivian battery plant being built in Georgia”
Its stock in 2021 it was around $120. Now it’s around 13.6.
From Wikipedia:
“In January 2023, The Wall Street Journal reported the company experienced the departure of multiple top executives in recent months.”
And something bizarre:
“On December 20, 2018, professional rock climber Alex Honnold announced his partnership with Rivian as a brand partner and collaborator”.
Possibly that battery plant is not as risky as an EV plant. Big batteries might have increasing demand as load levelers for wind and solar and for large emergency power sources.
#11 I saw a Rivian truck this weekend at the Sepulvada Dam area golf course in the San Fernando valley in Calif. The guy who was driving maybe 40 or under. He had 3 friends with him.
He must be rich. $75,000 to start. $104,000 loaded.
I imagine on the way home he stops off at a charging station and the 4 guys wait around for an hour.
Search found: “the company issued a recall of more than 12,000 vehicles in October amid concerns of insufficiently torqued vehicles, which could have led to wheel tilt, loose and vibrating tires, and steering control loss”
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