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AutoNation Hyundai Mall of Georgia hosted a cookout this past weekend to raise money for CURE childhood cancer benefiting Lauren's Run and Picnic. Click here to see photos.
Volvo CEO Says U.S. Climate Law Will Drive EV Tech to N. America
The Inflation Reduction Act is changing the way plans to build electric vehicles, Volvo CEO Jim Rowan said in an interview. “The thing that it's changing is our supply base, especially on batteries and probably on minerals as well,” Rowan said. “It's driving more and more of that technology into North America.” That is a feature of the IRA, not a bug. Senator Joe Manchin insisted on domestic assembly and sourcing requirements for electric vehicle incentives, as well as price caps for eligible cars and income limits for eligible consumers. Automotive News reports, The Treasury Department has set a deadline for the end of this week to issue guidance on exactly how it will interpret and implement these requirements in the tax code. None of Volvo's EV models are likely to qualify at the outset: The automaker's full-electric models are made outside the U.S., and even those plug-in hybrids made in its South Carolina factory could be disqualified by anticipated rules around mineral and component sourcing. Still, Rowan expects the company’s U.S. customers will eventually be able to take full advantage of the tax credits. “The timing on that is very aggressive,” he said. Click here for the full story.
BMW Bets on Design and Recycling, Not Mining, to Lower Battery Costs
BMW is betting on efficient design and recycling to bring down battery costs and is steering clear of investing in mines, its finance chief said, setting it apart from some competitors digging deep into the supply chain. "We don't think it is right to invest in mines. We view it as more important to get back raw materials from cars and other products," Chief Financial Officer Nicolas Peter said to Reuters. Peter, who is due to retire in May, also said the carmaker was experiencing a strong first quarter and said he saw no reason to doubt the company's ability to hit its forecast set earlier in the month of an 8-10 percent margin in 2023. BMW has its own battery cell research center in Germany, but has left large-scale development to partners, placing multibillion-euro orders with CATL and EVE Energy to produce battery cells in China and Europe. Bringing down battery costs, most of which come from raw materials, is the key challenge for carmakers attempting to generate profits from electric vehicles equivalent to those reaped from combustion engine cars, a target BMW hopes to reach with its "Neue Klasse" EV-only line launching mid-decade. Click here for the full story.
European Commission Optimistic for U.S.-EU Battery Minerals Deal Similar to Japan's
European Commission Executive Vice President Margrethe Vestager said Thursday she is optimistic that an electric vehicle battery minerals trade agreement can soon be reached with the U.S. that is similar in substance to Washington's deal this week with Japan. Vestager told reporters in Washington that European Union and U.S. negotiators are working on legal frameworks that would be different from the Japan deal, reports Automotive News. "And that is what has been holding up things, but we are quite optimistic that we can reach an agreement about the same sort of substantial scope as the Japanese," Vestager said. The talks come as the U.S. Treasury on Friday is poised to unveil new guidance on the battery content and minerals portion of the new $7,500 electric vehicle tax credit enacted in last year's clean energy-focused Inflation Reduction Act. The guidance will help determine the extent that foreign automakers, including those with production in the EU, are able to benefit from the U.S. tax subsidies. Vestager said she will discuss the guidance with Treasury Secretary Janet Yellen on Friday. Click here for the full story.
Around the Web
2024 Hyundai Sonata Has Two 2.5-Liter Four-Cylinders and a 2.0-Liter Hybrid Option [Carscoops]
2024 Lamborghini Revuelto Remixes the Supercar with a 1001-HP Hybrid V-12 [Car and Driver]
2024 Mini Lineup: What’s New for All the Mini Coopers — More Electric Cars on the Way [Motortrend]
Germany and the EU Finally Agree on Combustion Ban: Synthetic Fuel Is a Go [Carbuzz]
