© Reuters. FILE PHOTO: The logo of Stellantis is seen on a company’s building in Velizy-Villacoublay near Paris, France, February 23, 2022. REUTERS/Gonzalo Fuentes/File Photo
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WASHINGTON (Reuters) – The Biden administration proposal to hike fuel economy standards through 2032 would cost General Motors (NYSE:) $6.5 billion in fuel economy fines and Chrysler parent Stellantis (NYSE:) $3 billion, according to a letter seen by Reuters.
The American Automotive Policy Council, representing GM, Stellantis and Ford Motor (NYSE:), said in a letter to the Energy Department on Friday that the size of the expected penalties for not meeting proposed Corporate Average Fuel Economy (CAFE) requirements are “alarming.”
It asked the Energy Department to reconsider its plan to revise the “Petroleum Equivalency Factor” that will result in “disproportionately higher compliance costs” for U.S. automakers.
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