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Ford Motor Co. (NYSE:F) has reportedly provided its support for the Biden administration’s initiative to significantly reduce vehicle emissions by 2032.
This stance directly opposes Republican claims that the new environmental regulations are detrimental to business, reported Reuters.
Ford, the second-largest automaker in the U.S., endorsed the Environmental Protection Agency’s (EPA) March announcement, which aims to decrease passenger vehicle emissions by nearly 50% by 2032 from 2027 levels.
The Dearborn-based company emphasized its commitment to long-term planning to comply with these stringent standards.
Former President Donald Trump, who is vying for a return to the White House, has pledged to overturn the Biden administration’s regulations.
Meanwhile, a coalition of major automakers, including General Motors Co (NYSE:GM), Toyota Motor Corp (NYSE:TM), and Volkswagen AG (OTC:VWAGY), has shown support for specific aspects of the rule.
The Alliance for Automotive Innovation, representing these companies, supported the inclusion of EVs in emissions averaging and the exclusion of upstream emissions from compliance metrics.
In contrast, 25 Republican-led states have initiated legal action against the EPA, arguing that the new regulations are both illegal and impractical, the report added.
This lawsuit reflects a broader contention that the Biden administration aims to transform the American vehicle market through stringent emissions rules, effectively compelling automakers to pivot towards EV production.
Conversely, 22 states, led by California, backed the EPA’s emissions standards, citing potential harm if future reductions in vehicle emissions are not mandated, per the report.
These regulations represent President Joe Biden’s effort to address climate change, a core component of his policy agenda.
The EPA projects that 35% to 56% of new vehicles sold from 2030 to 2032 will be electric, reflecting the administration’s climate goals.
Price Action: F shares are trading lower by 0.62% at $12.08 at the last check Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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