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General Motors (GM) Switches Sides in California Emissions Fight
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Supported by President-elect Biden’s emphasis on electric vehicles (EVs), General Motors (GM - Free Report) is pulling out of Trump’s lawsuit against California over fuel economy standards. With that, General Motors joins auto biggies including Ford (F - Free Report) , Honda (HMC - Free Report) and Volkswagen (VWAGY - Free Report) that support California’s clean emissions standards.
Background
One of the leading economies in the world, California has always been steadfast in pursuing policies to tackle global warming and coming up with some of the most aggressive climate policies. Brushing off opposition from many industries including oil and gas, agriculture and trucking that view the move as regulatory overreach, California has been firm in its efforts to control greenhouse gas emissions, reduce dependence on oil and improve air quality.
In 2019, auto giants including General Motors, Toyota and Fiat Chrysler, along with few other carmakers formed a consortium supporting Trump’s lawsuit, seeking to bar California from setting its own emission rules for vehicles, which are far more stringent than the federal government’s. The state was is in opposition to the Trump administration, which announced the rollback of Obama-era vehicle fuel efficiency standards. The legal battle divided the auto industry, with General Motors, Fiat Chrysler and Toyota backing the Trump administration while other noted auto biggies including Honda, Ford, BMW AG and Volkswagen supporting California’s stance.
GM Sides With Biden Presidency, Accelerates EV Push
In a letter to environmental groups, General Motors’ CEO, Mary Barra, stated that the company is withdrawing from Trump’s litigation against California’s emission rules, and urged other automakers including Toyota and Fiat Chrysler to back out from Trump’s legal attack on California’s clean vehicles program. In her letter, Barra states that the company is working toward EV revolution and agrees with Biden’s plan to rev up e-mobility development.
In a bid to stay competitive in the EV race, U.S. auto giants General Motors and Ford are fast changing gears to electric. Recently, General Motors announced plans to increase EV investment to $27 billion by 2025 from the budget of $20 billion laid out before the COVID-19 outbreak. Further, by 2025, General Motors plans to roll out 30 electric vehicles globally, more than two-thirds of which will be available in North America. The vehicles will encompass the company’s entire brand portfolio — including Cadillac, Buick, GMC, and Chevrolet — in a range of prices.
The auto giant’s Ultium Drive’ system will aid the company in transitioning to a fully-electric lineup down the road.Its next-generation EVs (from small electric cars to electric pickup trucks) will be powered by Ultium Drive, which will not only boost General Motors’ manufacturing efficiencies but also enhance the performance and range of its future vehicles.
Among the first EV to be rolled out by the auto giant will be the GMC Hummer all-electric pickup, due late next year. The Cadillac Lyriq SUV is now due in first-quarter 2022, nine months earlier than previously planned.
The line-up of EVs by the automaker will also include an electric pick-up truck and S.U.V. for its Chevrolet brand. General Motors, in fact, teased the electric Chevrolet pick-up truck at the conference by using it as a background prop. Management also plans to add more affordable EV models over time, including the few that will be available in the low-$30,000 range.
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
Image: Bigstock
General Motors (GM) Switches Sides in California Emissions Fight
Supported by President-elect Biden’s emphasis on electric vehicles (EVs), General Motors (GM - Free Report) is pulling out of Trump’s lawsuit against California over fuel economy standards. With that, General Motors joins auto biggies including Ford (F - Free Report) , Honda (HMC - Free Report) and Volkswagen (VWAGY - Free Report) that support California’s clean emissions standards.
Background
One of the leading economies in the world, California has always been steadfast in pursuing policies to tackle global warming and coming up with some of the most aggressive climate policies. Brushing off opposition from many industries including oil and gas, agriculture and trucking that view the move as regulatory overreach, California has been firm in its efforts to control greenhouse gas emissions, reduce dependence on oil and improve air quality.
In 2019, auto giants including General Motors, Toyota and Fiat Chrysler, along with few other carmakers formed a consortium supporting Trump’s lawsuit, seeking to bar California from setting its own emission rules for vehicles, which are far more stringent than the federal government’s. The state was is in opposition to the Trump administration, which announced the rollback of Obama-era vehicle fuel efficiency standards. The legal battle divided the auto industry, with General Motors, Fiat Chrysler and Toyota backing the Trump administration while other noted auto biggies including Honda, Ford, BMW AG and Volkswagen supporting California’s stance.
GM Sides With Biden Presidency, Accelerates EV Push
In a letter to environmental groups, General Motors’ CEO, Mary Barra, stated that the company is withdrawing from Trump’s litigation against California’s emission rules, and urged other automakers including Toyota and Fiat Chrysler to back out from Trump’s legal attack on California’s clean vehicles program. In her letter, Barra states that the company is working toward EV revolution and agrees with Biden’s plan to rev up e-mobility development.
In a bid to stay competitive in the EV race, U.S. auto giants General Motors and Ford are fast changing gears to electric. Recently, General Motors announced plans to increase EV investment to $27 billion by 2025 from the budget of $20 billion laid out before the COVID-19 outbreak. Further, by 2025, General Motors plans to roll out 30 electric vehicles globally, more than two-thirds of which will be available in North America. The vehicles will encompass the company’s entire brand portfolio — including Cadillac, Buick, GMC, and Chevrolet — in a range of prices.
The auto giant’s Ultium Drive’ system will aid the company in transitioning to a fully-electric lineup down the road.Its next-generation EVs (from small electric cars to electric pickup trucks) will be powered by Ultium Drive, which will not only boost General Motors’ manufacturing efficiencies but also enhance the performance and range of its future vehicles.
Among the first EV to be rolled out by the auto giant will be the GMC Hummer all-electric pickup, due late next year. The Cadillac Lyriq SUV is now due in first-quarter 2022, nine months earlier than previously planned.
The line-up of EVs by the automaker will also include an electric pick-up truck and S.U.V. for its Chevrolet brand. General Motors, in fact, teased the electric Chevrolet pick-up truck at the conference by using it as a background prop. Management also plans to add more affordable EV models over time, including the few that will be available in the low-$30,000 range.
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
See 8 breakthrough stocks now>>