NEW YORK—The alternative-fuel vehicles market will look to benefit from new fuel economy rules recently proposed in the United States, a new report says.
According to the report, published by market research firm Five Star Equities, the proposed standards will increase pressure on manufacturers to produce more alternative-fuel and electric vehicles.
The new fuel economy standards will require auto manufacturers to nearly double the average efficiency of cars and light trucks to 54.5-miles per gallon (mpg) by 2025, and include incentives for the production of electric and hybrid vehicles.
Aimed at cutting fuel consumption and greenhouse emissions by 50 per cent by 2025, the report says Americans would collectively save approximately $1.7-trillion in fuel costs.
“These fuel standards represent the single most important step we’ve ever taken to reduce our dependence on foreign oil,” President Barack Obama said in a statement.