Automakers said Monday that they were working toward President Obama’s goal of reducing fuel consumption, but rapid imposition of stricter emissions standards could force them to drastically cut production of larger, more profitable vehicles, adding to their financial duress.
Mr. Obama ordered the government on Monday to reconsider whether California and other states could regulate vehicle emissions to help control greenhouse gas emissions, a reversal of a position taken by the Bush administration.
The announcement came asGeneral Motors andChrysler are borrowing billions of dollars from the government to avoid bankruptcy, and as Toyota prepares to report its first operating loss in 70 years. Shortly after the president spoke, General Motors said it would cut 2,000 jobs at plants in Michigan and Ohio because of slow sales.
Checkout the latest AutoSpies exclusive galleries
An Exclusive Inside Look At The Brand New Porsche Museum
The AutoSpies Exclusive Porsche Boxster PDK Gallery
Read Article