"Ford CEO Jim Farley summed up the effect of the new regulations when he commented that the change "has the potential to unlock a multibillion-dollar opportunity over the next two years." Detroit has recently backed away from EV manufacturing, which had made automakers retool much of their companies to, among other things, compete with Tesla. That goal will become much less important. The change comes at about the same time that the Trump administration cut the $7,500 tax credit that came from EV purchases."
"The change comes at about the same time that the Trump administration cut the $7,500 tax credit that came from EV purchases. There has been anxiety that, after this expired on September 30, EV sales would crater. There had already been doubt that Americans were buying EVs in rising numbers. Ford's overall U.S. EV sales have been about 4% of all unit sales through the first eight months of the year."
Relaxed U.S. vehicle emissions rules will reduce pollution targets and allow automakers to lower EV production because gasoline emissions rules will sunset. The Biden administration’s stricter rules had aimed to cut billions of tons of emissions, saving $13 billion in healthcare costs and $62 billion in annual fuel and maintenance expenses. Ford CEO Jim Farley called the regulatory rollback a potential multibillion-dollar opportunity over two years. Detroit automakers have already pulled back on EV manufacturing and retooling, and the recent expiration of the $7,500 EV tax credit plus lower gasoline prices have weakened consumer demand; Ford’s U.S. EVs are about 4% of sales.
Read at 24/7 Wall St.
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