Automakers urge Trump to preserve EV tax credits, boost self-driving cars
Adds more details, no immediate Trump transition team comment from paragraph 3 onward
By David Shepardson
WASHINGTON, Nov 21 (Reuters) -A group representing major automakers including General Motors GM.N, Toyota Motor Corp 7203.T, and Volkswagen VOWG_p.DE urged President-elect Donald Trump to retain key tax credits for electric vehicle purchases and take steps to speed deployment of self-driving cars.
The Alliance for Automotive Innovation in a previously unreported Nov. 12 letter to Trump also raised concerns about vehicle emissions rules citing "federal and state emissions regulations (particularly in California and affiliated states) that are out-of-step with current auto market realities and increase costs for consumers."
The automakers did not specify how they want the rules revised but said they support "reasonable and achievable" emissions regulations. The Trump transition team did not immediately comment.
The letter, signed by the group's CEO John Bozzella, said automakers face unfair competition "from heavily subsidized electric vehicles and technologies exported from China" and also noted that China was implementing a regulatory framework to support deployment of self-driving vehicles.
The group also asked Trump to reconsider rules finalized in April requiring nearly all new cars and trucks by 2029 to have advanced automatic emergency braking systems. The group earlier said the rules are "practically impossible with available technologies."
Last week, Reuters reported that Trump's transition team wants to kill the $7,500 consumer tax credit for electric-vehicle purchases - a move that would likely slow an already stalling U.S. EV transition.
This week,Reuters reported Trump transition team plans to target federal regulations championed by President Joe Biden that aim to make automobiles more fuel-efficient and incentivize a shift toward EVs.
The move appears aimed at satisfying a Trump campaign promise to "end the EV mandate," and would mirror a similar move during the first Trump administration to rollback Obama-era vehicle-efficiency rules.
Although no such "EV mandate" exists, the Biden administration regulations would effectively require automakers to shift at least 35% of production to EVs in order to meet 2032 requirements, and encourage a gradual phase-out of the production of vehicles that run on fossil fuels.
Reporting by David Shepardson; Editing by Chris Reese and Andrea Ricci
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.