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Trump approves new fuel economy standards, reversing Biden's EV push
CNBC • • business
Key Points:
- President Donald Trump announced approval of new fuel economy standards that reverse the stricter policies implemented under former President Joe Biden aimed at promoting electric vehicle adoption.
- Biden's standards required automakers to achieve about 50 miles per gallon for passenger cars and light trucks by 2031, incentivizing electric vehicle production and sales.
- Trump framed the policy change as beneficial for automakers and consumers, promising lower car prices and increased domestic manufacturing without providing specific details on the new standards.
- The regulatory shift fulfills Trump's campaign promise to roll back policies encouraging electric vehicles, though the exact fuel economy targets remain undisclosed.
- Transportation Secretary Sean Duffy indicated the new standards would be significantly less stringent than those under the Biden administration.
