US automaker giant General Motors says the Biden administration’s vehicle emissions rules could cost the auto industry $100 billion in penalties in 2031, $300 billion over five years
GM's document said automakers hitting 67 percent of vehicles as EVs by 2032 would be "insufficient for CAFE compliance." / Photo: APhas warned that the Biden administration's vehicle emissions rules could cost the auto industry $100 billion in penalties in 2031, and $300 billion over a five-year period, according to a document made public this week.
The previously unreported presentation, posted on a White House website, said the total amount of penalties depends on an Energy Department proposal to revise the petroleum-equivalent fuel economy rating for EVs in the National Highway Traffic Safety Administration's Corporate Average Fuel Economy program.
GM executive David Strickland met on July 17 with White House Office of Management and Budget officials about the CAFE proposal and the automaker presented the slide, according to the White House website. NHTSA is set to release its proposal to hike CAFE requirements for 2027 and beyond as early as Friday after the White House signed off on Tuesday. The White House did not immediately respond to a request for comment on Thursday.
GM, which in 2021 vowed to halt the sale of new gasoline-powered vehicles by 2035, said earlier this month it could face compliance challenges under various vehicle
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