👀 Ones to watch: The MOST undervalued stocks to buy right nowSee Undervalued Stocks

Trump says no state would be allowed to ban gasoline-powered cars if he is elected

Published 10/03/2024, 04:22 PM
Updated 10/04/2024, 12:26 PM
© Reuters. FILE PHOTO: A view of cars on the road during rush hour traffic jam in San Francisco, California, U.S. August 24, 2022. REUTERS/Carlos Barria/File Photo

By Alexandra Ulmer and David Shepardson

(Reuters) -Republican presidential candidate Donald Trump said on Thursday that if he is elected in November, no state will be able to ban gasoline-powered cars or trucks, as he seeks to make the future of the auto industry a key campaign issue.

Trump is looking to win votes in Michigan, a key swing state in the 2024 presidential election that is home to the Detroit Three automakers. He told Reuters in August he is considering ending the electric vehicle tax credit.

"When I'm president, no state in America will be permitted to ban gas powered cars or trucks, and I guarantee it - no way," Trump said at a rally in Saginaw, Michigan. "You're going to make them right here."

Vice President Kamala Harris' campaign did not immediately respond to a request for comment.

The state of California in May 2023 asked the Environmental Protection Agency for a waiver under the Clean Air Act to require all new vehicles sold in the state by 2035 to be electric or plug-in hybrids.

California in August 2022 had approved its landmark plan to end the sale of gasoline-only vehicles in the state by 2035.

The state wants to set yearly rising zero-emission vehicle requirements starting in 2026 that have also been adopted by 11 other states.

President Joe Biden's administration has repeatedly refused to endorse setting a date to phase out the sale of gasoline-only vehicles but has awarded billions of dollars in new tax credits and grants to speed the transition to EVs.

Biden wants 50% of new vehicles to be EVs by 2030 and says they are essential for competing with China.

In March, the EPA finalized federal rules to cut vehicles' emissions by 49% by 2032 over 2026 levels. The EPA forecast between 35% and 56% of new vehicles sold between 2030 and 2032 would be electric to meet stringent emissions limits.

Automakers have questioned California's 2035 plan, arguing EV requirements might be feasible "at least in the early years for California" but for other states with significantly lower EV sales the outlook "is far less certain."

© Reuters. FILE PHOTO: A view of cars on the road during rush hour traffic jam in San Francisco, California, U.S. August 24, 2022. REUTERS/Carlos Barria/File Photo

California's EV rules would cut smog-causing pollution from light-duty vehicles by 25% by 2037. They mandate 35% of new cars sold be plug-in or zero-emission by 2026, rising to 68% by 2030 and 100% by 2035.

California estimated its rules would cost $210 billion but have total benefits of $301 billion through 2040. They allow automakers to sell up to 20% plug-ins in 2035.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.