U.S. Treasury says VW, Rivian, others to lose EV tax credit access, Reuters says

The U.S. Treasury Department said that electric vehicles from car makers Volkswagen (VWAGY), BMW (BMWYY), Nissan (NSANY), Rivian (RIVN), Hyundai (HYMLF), and Volvo (VLVLY) will lose access to a $7,500 tax credit under updated battery sourcing requirements, Reuters’ David Shepardson reports. The Treasury said the new rules, which will take effect Tuesday, will also slash in half credits for the Tesla (TSLA) Model 3 Standard Range Rear Wheel Drive to $3,750, though other Tesla models will continue to have access to the full credit, the author notes. Reference Link