EV Tax Credit Proposal Adds Tougher Sourcing Limits for Critical Minerals, Batteries

First Up 07/29/22

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Through our Dealers Do Good campaign, AIADA is recognizing dealers for the positive impact they have in the communities they serve. If you’re a dealer doing good, let us know here, tag us on Facebook or Twitter, or join the conversation with the #DealersDoGood hashtag.  Kunes dealerships across four states participated in “Trade in for Hunger,” where they donated more than 27,000 meal kits to help families facing food security "If you really look at it, the community of one, that's what it's about. We're about helping other people," said salesman Peter Lohmann. "Because of the supply chain that you see right now, people have problems and families are just in need, even families that a year ago didn't need it." Click here to view news coverage.

EV Tax Credit Proposal Adds Tougher Sourcing Limits for Critical Minerals, Batteries

A Senate proposal would extend the current $7,500 tax credit for consumers buying new electric vehicles but add increasingly stringent critical mineral and battery sourcing requirements for automakers. As part of the tax credit, automakers would be subject to annual increases in sourcing requirements for critical minerals and battery components used in eligible EVs and limited to sourcing from countries with a free trade agreement with the U.S. — a caveat aimed at reducing reliance on China reports Automotive News.  By 2024, the proposal calls for 50 percent of the critical minerals used in EV batteries to be extracted or processed in the U.S. or a country where the U.S. has a free trade agreement in effect or from materials that were recycled in North America. In 2024 and 2025, 60 percent of the battery components must be made or assembled in North America. Autos Drive America, which represents international automakers operating in the U.S., said it is still working through the proposal's full impact but will "encourage Congress to steer clear of any policy that would constrain electric vehicle production, hinder consumer adoption and make it more difficult to achieve our shared climate goals." Click here for the full story.

Rolls-Royce Says the Spectre Will Feel Like a Private Jet Taking Off

Rolls-Royce chief executive Torsten Muller-Otvos says that the carmaker’s upcoming Spectre will not have a Tesla-like “Ludicrous” mode and offer a very different EV experience. The British carmaker is amid a comprehensive testing and development program for the Spectre that will see it cover some 1.5 million miles. Much of this testing is being conducted in France at the Miramas automotive test center and along the French Riviera. Performance specifications for the car aren’t yet known but it should be quite rapid. “We will not put a Ludicrous mode like Tesla ever,” said Muller-Otvos, Carscoops reports. “That is not our intention. The Spectre will offer waftability in its most impressive form. It is best described by the experience of a Gulf Stream private jet taking off. This is exactly the feeling you will have in a Spectre.” As the first all-electric vehicle from Rolls-Royce, the Spectre will be a very important car for the brand. In fact, the company will go all-electric by 2030. Asked whether this decision has gone over well with its clientele, Muller-Otvos said that it has. “Many of our clients are car aficionados and already own an electric car,” he said. “Click here for the full story.

2023 Toyota Supra Priced, Gains Stick Shift, Limited-Edition Trim

The 2023 Toyota Supra is available with a six-speed manual transmission for the first time since the current-generation car went on sale. The firm has released pricing information for the upcoming model year, and getting the stick won't cost more than selecting the automatic reports Autoblog. Pricing for the 2023 Supra starts at $44,635 including a $1,095 destination charge. That figure corresponds to the entry-level model powered by a turbocharged, 2.0-liter four-cylinder rated at 255 horsepower and 295 pound-feet of torque, and this engine is only available with an eight-speed automatic transmission. For context, the 2022 Supra carried a base price of $44,315 including a $1,025 destination charge. Not to be confused with the limited-edition A91-CF Edition available for 2022, the manual-only A91 model is limited to 500 units for the 2023 model year. It stands out from the regular-production Supra with 19-inch Frozen Gunmetal Gray wheels, a red "Supra" emblem on the rear end, seats upholstered with Cognac leather, and red strut tower braces. Toyota dealers across the nation will soon begin receiving the 2023 Supra. Click here to view a video. Click here to view photos. Click here to learn more about the 2023 Toyota Supra.

Sales Chief Randy Parker Named CEO of Hyundai Motor America

Hyundai Motor Co. is making key executive shifts, including the appointment of Randy Parker as CEO of Hyundai Motor America. The changes follow the expansion of responsibilities for Jose Muñoz, who is global COO of Hyundai Motor Co. as well as CEO of Hyundai Motor North America. Automotive News reports Parker will be responsible for leading Hyundai's commercial automotive operations in the U.S. and will report directly to Muñoz. He is one of the first African Americans to be named CEO of an automaker in a regional market. He's also the second Black CEO named in the U.S. auto industry this month. On July 12, Lordstown Motors Corp. named Edward Hightower as its new CEO -- the first Black CEO of a U.S. automaker in more than 100 years. In his current role as senior vice president of national sales for Hyundai Motor America, which he assumed in 2021, Parker has had oversight of all aspects of sales and distribution. Bob Kim, who is currently general manager for Hyundai's southern region, will assume the national sales role and report to Parker. Click here for the full story.

The 2022 Federated Challenge® raises a record-breaking $3,876,000 for Big Brothers Big Sisters®

 The 2022 Federated Challenge raised a record-breaking $3,876,000 for Big Brothers Big Sisters, during its 18th annual gala on Sunday, July 24. This year, 83 incredible businesses — 24 of which were first-time sponsors — and nearly 600 generous people attended the gala to support youth mentoring in Minnesota and throughout America.

 

One hundred percent of the money raised will be donated to Minnesota’s three Big Brothers Big Sisters agencies and Big Brothers Big Sisters of America®. These organizations are creating powerful one-to-one mentoring relationships between adult volunteers (“Bigs”) and children (“Littles”) — creating opportunities for our next generation. A portion of the donations are set aside for the Federated Challenge Scholarship Program which provides up to $5,000 per year to qualified Littles or high school Bigs enrolled in a non-four-year program focusing on apprenticeship, certificate, trade school, technical, or community college. Hundreds of students have benefited from this fund and are earning job-ready training degrees with little to no debt. 

The Federated Challenge was founded in 2005 as a two-day fund-raising event hosted by Federated Insurance. Now in its eighteenth year, this event has raised more than $47 million for youth mentoring programs. To read more about The Federated Challenge, click here.

 

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2023 Porsche 911 GT3 RS Will Debut on August 17 [Jalopnik]

Lamborghini Exec Hired for Apple Car Project [The Detroit Bureau]

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