© Reuters. Traffic backs up on the Brooklyn Queens Expressway in New York, U.S., August 2, 2018. REUTERS/Lucas Jackson
WASHINGTON (Reuters) – The Biden administration proposal to dramatically hike fuel economy standards through 2032 is not feasible and could cost automakers a total of more than $14 billion in fines, an automotive group said Friday.
The Alliance for Automotive Innovation, which represents General Motors (NYSE:), Toyota Motor (NYSE:), Volkswagen (ETR:), Hyundai (OTC:) and others, said the National Highway Traffic Safety Administration proposal “exceeds maximum feasibility” and noted the agency projects “manufacturers will pay over $14 billion in non-compliance penalties between 2027 and 2032.”
