Investing
Automakers blast US plan to hike fuel efficiency rules
© Reuters. Newly assembled vehicles are parked at the Toyota Motor Manufacturing plant in Baja California, Tijuana, Mexico May 31, 2019. REUTERS/Jorge Duenes/File photo
WASHINGTON (Reuters) – A group representing General Motors (NYSE:), Toyota Motor (NYSE:), Volkswagen (ETR:) and nearly all other major automakers, sharply criticized the Biden administration proposal to drastically hike fuel efficiency requirements.
The Alliance for Automotive Innovation said the National Highway Traffic Safety Administration Corporate Average Fuel Economy proposal is unreasonable and want significant revisions, arguing the plan will boost average vehicle prices by $3,000 by 2032 because of penalties automakers will face for not being in compliance.
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