- Published: 12 August 2011
- Written by Investor Ideas
Point Roberts WA - August 12, 2011 (Investorideas.com renewable energy/green newswire) Investorideas.com, a leader in cleantech investor research, reports on recent developments that will impact the automotive industry . In July, President Obama announced the historic 54.5 mpg Fuel Efficiency Standard that will save consumers $1.7 trillion at the pump and $8K per vehicle by 2025.
EV /Green Cars Trading Snapshot
A123 Systems, Inc. (NasdaqGM: AONE) trading off yesterday highs, trading at $4.17, down 0.43 (9.35%) 11:46AM EDT
Advanced Battery Technologies, (NasdaqCM: ABAT ) trading at $1.34, up 0.15 (12.61%) 11:44AM EDT
ENER1, Inc. (NASDAQ: HEV) trading at 0.7709, down 0.0191 (2.42%) 11:28AM EDT
Ecotality, Inc. (NasdaqCM: ECTY) trading at $2.61, up 0.07 (2.76%) 11:12AM EDT
EVCARCO (OTCBB: EVCA)) trading at $0.0045, up 0.0012 (36.36%)
Tesla Motors, Inc. (NASDAQ: TSLA) trading at $26.22, up 0.92 (3.64%) 11:53AM EDT
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News - July 29 th
WASHINGTON, DC - President Obama announced a historic agreement with thirteen major automakers to pursue the next phase in the Administration's national vehicle program, increasing fuel economy to 54.5 miles per gallon for cars and light-duty trucks by Model Year 2025. The President was joined by Ford, GM, Chrysler, BMW, Honda, Hyundai, Jaguar/Land Rover, Kia, Mazda, Mitsubishi, Nissan, Toyota and Volvo - which together account for over 90% of all vehicles sold in the United States - as well as the United Auto Workers (UAW), and the State of California, who were integral to developing this agreement.
"This agreement on fuel standards represents the single most important step we've ever taken as a nation to reduce our dependence on foreign oil,” said President Obama. "Most of the companies here today were part of an agreement we reached two years ago to raise the fuel efficiency of their cars over the next five years. We've set an aggressive target and the companies are stepping up to the plate. By 2025, the average fuel economy of their vehicles will nearly double to almost 55 miles per gallon.”
Building on the Obama administration's agreement for Model Years 2012-2016 vehicles, which will raise fuel efficiency to 35.5 mpg and begin saving families money at the pump this year, the next round of standards will require performance equivalent to 54.5 mpg or 163 grams/ mile of CO2 for cars and light-duty trucks by Model Year 2025. Achieving the goals of this historic agreement will rely on innovative technologies and manufacturing that will spur economic growth and create high-quality domestic jobs in cutting edge industries across America.
These programs, combined with the model year 2011 light truck standard, represent the first meaningful update to fuel efficiency standards in three decades and span Model Years 2011 to 2025. Together, they will save American families $1.7 trillion dollars in fuel costs, and by 2025 result in an average fuel savings of over $8,000 per vehicle. Additionally, these programs will dramatically cut the oil we consume, saving a total of 12 billion barrels of oil, and by 2025 reduce oil consumption by 2.2 million barrels a day - as much as half of the oil we import from OPEC every day.
The standards also curb carbon pollution, cutting more than 6 billion metric tons of greenhouse gas over the life of the program - more than the amount of carbon dioxide emitted by the United States last year. The oil savings, consumer, and environmental benefits of this comprehensive program are detailed in a new report entitled Driving Efficiency: Cutting Costs for Families at the Pump and Slashing Dependence on Oil, which the Administration released today.
The Environmental Protection Agency (EPA) and the Department of Transportation (DOT) have worked closely with auto manufacturers, the state of California, environmental groups, and other stakeholders for several months to ensure these standards are achievable, cost-effective and preserve consumer choice. The program would increase the stringency of standards for passenger cars by an average of five percent each year. The stringency of standards for pick-ups and other light-duty trucks would increase an average of 3.5 percent annually for the first five model years and an average of five percent annually for the last four model years of the program, to account for the unique challenges associated with this class of vehicles.
"These standards will help spur economic growth, protect the environment, and strengthen our national security by reducing America's dependence on foreign oil,” said U.S. Transportation Secretary Ray LaHood. "Working together, we are setting the stage for a new generation of clean vehicles.”
"This is another important step toward saving money for drivers, breaking our dependence on imported oil and cleaning up the air we breathe,” said EPA Administrator Lisa P. Jackson. "American consumers are calling for cleaner cars that won't pollute their air or break their budgets at the gas pump, and our innovative American automakers are responding with plans for some of the most fuel efficient vehicles in our history.”
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