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The Inflation Reduction Act of 2022 currently under discussion in Washington would spend $369 billion on climate change and energy security, including big changes to electric-vehicle tax credits. If it passes, of course.What matters to car shoppers is that there’d be more money for more electric vehicles: gone would be the 200,000-per-automaker limit, which GM, Tesla, and Toyota have already reached. Used vehicles would also qualify for a $4000 credit, for the first time.The bill would also encourage automakers to use batteries that are sourced and assembled in North America, limiting the value of importing EVs from China. It would also set requirements for what EVs qualify, with price and origin of components among the criteria.The surprise political revival of some parts of the Build Back Better plan brings with it the potential for massive federal action on climate change, drug costs, and corporate taxes. Now packaged as the Inflation Reduction Act of 2022, or IRA, the bill would reduce the federal deficit by over $300 billion, according to President Joe Biden.

It’s the estimated $369 billion in the IRA that addresses climate change and energy security spending that will have a direct effect on the vehicles we buy and drive. The text of the bill is not yet final, and the Senate has not yet voted on it, but we can at least look at what would change in the automotive world if it passes as it is. Here’s a summary of how the IRA would affect the lives of car buyers. In short, middle- and low-income buyers benefit, as do automakers who build their EVs in North America.Changes for BuyersThe biggest change for the auto industry is that the IRA revamps how federal electric-vehicle tax credits work. Right now, the credits can only be applied to the purchase of a new EV and are limited to 200,000 qualifying purchases per automaker before the credits, worth up to $7500 per vehicle, start to phase out. Under the IRA, the credits would not be tied to any automaker but would continue for all qualifying EVs until December 31, 2032. This change most obviously helps General Motors, Tesla, and Toyota the most, since they’re the three automakers that have either already run out of tax credits or are now phasing them out. President Biden emphasized in remarks about the bill that the qualifying factor for $7500 tax credit is “if those vehicles were made in America.”Car buyers would also be able to get the credit as a discount at the time of sale, either as a down payment or as a price reduction, instead of needing to wait until filing their taxes.The bill also sets upper-income limits on who can get the credit. Anyone making more than $150,000 a year (single filer) or a family that makes more than $300,000 would not be eligible. There will also be limits on how expensive a vehicle can be to qualify, with the upper price limit on vans, trucks, and SUVs now set at $80,000 MSRP while all other vehicles are limited to a price of $55,000.For the first time, used EVs would be eligible for a rebate of either $4000 or 30 percent of the vehicle’s sale price, whichever is smaller. The maximum price of a qualifying used EV is $25,000 and it has to be at least two years old. Income limits exist for used sales, too, but they’re set at $75,000 (single filers) and $150,000 (joint filers).

The bill also changes the definition of what kinds of vehicles can get the credit, from a “qualified plug-in electric drive motor vehicle” to a “clean vehicle,” opening the door for hydrogen or other powertrain types to be considered the same as battery-only EVs from the federal tax-credit perspective.Changes for ManufacturersFinally, and this will take some time to come into effect, the bill requires automakers to use “critical minerals” for their batteries that were extracted and processed in North America or a country the U.S. has a trade agreement with. The bill requires qualifying clean vehicles to use a minimum amount of such minerals, starting at 40 percent for vehicles put into service before January 2024, then going up by 10 percent a year until it reaches 80 percent for vehicles placed in service after December 31, 2026. Similarly, all qualifying clean vehicles need to have their battery components manufactured or assembled in North America at a similar increasing scale, starting at 50 percent for vehicles put into service before January 1, 2024, and growing to 100 percent starting in 2029. Expect to hear about lots more battery gigafactories sprouting up around the U.S. if this becomes law.As for the politics of the bill, given that the bill was revived through a deal with Majority Leader Chuck Schumer (D-NY) and Senator Joe Manchin (D-WV), there’s hope on Capitol Hill that the bill will pass with all 50 Democratic senators voting in favor, allowing Vice President Kamala Harris to vote to break the tie if all 50 Republicans vote against, as is expected. Schumer said last week that he would bring the IRA up for a vote this week.
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Ferrari has revealed its 296 GT3 racer, which features a 24-valve V-6 like the roadgoing 296GTB but without the accompanying electric motor, to comply with technical regulations.According to Ferrari, the 296 GT3 produces 20 percent more downforce than the previous 488 GT3.The 296 GT3 will make its racing debut at the Daytona 24 Hours in January 2023.The prancing-horse brand has shown off its new competitor in GT racing, the 296 GT3. The sheet was lifted Friday morning in the paddock of Spa-Francorchamps in Belgium ahead of the 24 hours of Spa, which takes place this weekend. Based on photos, the 296 looks like one hell of a race car. Photos of the car show similarities with the 296 GTB it is based on, though with a much racier presence. Pictures of the front of the car show off two layers of louvers set above the already aggressive front splitter. Seen head-on, this thing looks like an incredible aero machine. The numbers seem to tell the same story, according to Ferrari, the 296 GT3 produces 20 percent greater downforce than the 488 GT3. According to Ferrari, “The 296 GT3 lives in symbiosis with the air around it, exploiting it to maximize grip and handling, benefiting gentleman drivers and professionals alike.”

Ferrari

Power figures are down from the roadgoing model due to the absence of the hybrid powertrain. Ferrari had to forgo the electric motor to meet technical regulations in the GT championship, bringing power down from a combined 819 horsepower to an estimated 600. The engine is positioned farther forward and lower, in a 120-degree configuration with the turbos inside the V, to lower the center of gravity and improve torsional stiffness compared to the 488 GT3.

Ferrari

In a move away from the GTB, with its lightning quick eight-speed dual-clutch transmission, Ferrari’s engineers designed a unique gearbox for the GT3. Now using a single disc clutch and six gears in a sequential pattern. Like other cars in the GT championship, the 296 the clutch is controlled on the steering wheel rather than with a foot pedal. The chassis is based on the road car, but the car uses an entirely new aluminum frame. The wheelbase of the car increases slightly over the road car, from 102.4 to 104.7 inches, to account for regulatory restrictions. The braking system has also been redesigned for the GT3, now 400 mm for the front.

Ferrari

Ferrari stresses the ease of use of the GT3, noting that “Ferrari’s engineers focused on speeding up track operations on the car during the race and pre-race . . . it is easier to modify the 296 GT3’s setup than the previous model due to more accessible mechanical and elastic components.” It will also be easier (and likely pricey) to replace portions of the car should you need to. The front and rear of the car are designed to be replaced in seconds, to keep time in the pit lane to a minimum. Ferrari have developed this car with two main focuses: first and foremost, for “extreme use” typical of pro classes, but also for customers who are more focused on enjoying their car.
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Porsche has revealed the latest 911 GT3 R, a race car that will compete in the IMSA endurance series and for the first time will be eligible for the 24 Hours of Le Mans in 2024.The water-cooled flat-six grows from 4.0 to 4.2 liters, putting out 565 ponies and routing that power through a sequential six-speed transmission.Porsche focused on improving drivability with the new GT3 R, redesigning the suspension to lessen tire wear and creating broader power and torque bands.Normally, developing a new race car is all about going faster. But in the two top endurance racing categories—the FIA World Endurance Championship and the IMSA SportsCar Championship—a system called “balance of performance” limits the cars’ abilities in order to preserve parity and prevent one manufacturer from dominating. Instead of focusing on outright speed, the new Porsche 911 GT3 R was developed with durability and drivability in mind, to give sports car racers an easier time conquering grueling races like the 24 Hours of Daytona.
The 911 GT3 R is, of course, based on the current 992-generation 911 platform, but the wheelbase has been extended by 1.9 inches and the aluminum-steel composite frame is now cloaked almost entirely in carbon-fiber body panels. The naturally aspirated, water-cooled flat-six engine comes from the road car but is enlarged from 4.0 liters to 4.2 liters. Peak output shoots up to 565 horsepower, but more crucially for Porsche’s goal of drivability, the torque and power bands are spread across more of the rev range.The engine is still mounted in the rear but Porsche leaned it forward by 5.5 degrees, allowing for more space for the rear diffuser, and the sequential six-speed gearbox has lifted from the GT3 Cup car—which races in a slower, one-make Porsche Supercup series—and modified for use in the GT3 R.
The 911 GT3 R uses an unequal-length control arm suspension design at the front and a multi-link rear suspension, while the adjustable KW shock absorbers have five settings. Porsche says the suspension has been designed to decrease degradation of the rear tires—allowing racers to drive longer stints while maintaining performance—as well as making it easier to institute setup changes. The extended wheelbase is also said to boost tire longevity and consistency of grip over longer periods on track.

Braking power is provided by six-piston, 15.4-inch front steel discs and four-piston, 14.6-inch rear discs, which clamp onto aluminum monobloc calipers. The traction control and ABS systems have also been revised to reduce brake and tire wear. Aerodynamics play a big role on the GT3 R. The front packaging was rearranged to create an elevated underbody section, working alongside the flat under tray and rear diffuser to produce downforce. The massive rear wing also contributes to creating negative lift and adopts a swan-neck mount just like the roadgoing GT3, which improves aerodynamic efficiency by allowing for cleaner airflow under the wing.
Inside, Porsche shifted the driver’s seat more toward the center of the vehicle, and the six-point harness was redesigned with new clasps to allow for quicker driver changes during pit stops. The new 10.3-inch screen comes from the GT3 Cup car, while the multi-switch steering wheel comes from the 911 RSR that currently competes at Le Mans.The GT3 R will hit the track in 2023 in IMSA and will become eligible to compete in the World Endurance Championship—which includes the 24 Hours of Le Mans—starting in 2024 when GT3 cars replace the current GTE sports-car class that the 911 RSR races in. Unsurprisingly, piloting Porsche’s 911 race car won’t come cheap, with the GT3 R costing a cool $567,210.
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