4.14.23
On April 12, the EPA announced its proposed emissions standards for vehicles built from 2027, with the National Highway Traffic Safety Administration (NHTSA) to also propose an update to the Corporate Average Fuel Economy (CAFE) standards soon. Major manufacturers have already embraced the transition to electric vehicles (EVs) that would meet the new standards and avoid 7.3 billion tons of global warming emissions through 2055. The high cost of EVs is still a deterrent, although updated consumer tax credits are expected to be announced next week. Both the EPA and NHTSA proposed rules will have public comment periods and are expected to be finalized in 2024.