VWAGY - Potential Billion-Dollar Penalties Loom For Major Automakers Over Fuel Standards: Report | Benzinga
U.S. President Joe Biden's proposal to increase fuel efficiency norms by 2032 could reportedly lead to a whopping $6.5 billion penalty for General Motors Company (NYSE: GM) and a $3 billion setback for Chrysler's parent company, Stellantis N.V. (NYSE: STLA).
The American Automotive Policy Council, which speaks for GM, Stellantis, and Ford Motor Co (NYSE: F), said in a letter to the U.S. Energy Department that the anticipated penalties from non-compliance with the proposed Corporate Average Fuel Economy (CAFE) regulations as "alarming," reported Reuters.
Ford is also not far behind, expecting about $1 billion in penalties, with Volkswagen AG (OTC: VWAGY) facing penalties exceeding $1 billion, the report added.
Seeking a revision, the letter highlights ...