Congress wants to increase the CAFE numbers by 4%, automakers don't want them to. So, Congress called in the heads of Toyota, GM, Honda, Ford and DaimlerChrysler to discuss the possibilities.
Automakers pressed for incentives instead of mandates. Saying they want to encourage consumers to use ethanol and bio-fuels. This would cut back on our dependence on foreign oil, they said. Otherwise, the cost of upgrading to CAFE standards would be too high. Toyota was the only company not sticking to that particular line.
Instead, they pushed for removing the federal tax credit limit. Toyota being the only company to pass that mark, however, means no other car makers are willing to support them.
Afterwards Jim Press, the North American president, said Toyota would be interested in making an hybrid capable of running with ethanol. While no timetable was set for a more general mating, the Toyota Tundra is scheduled to come out with an E85 option in 2009.
Source: Bloomberg.com: Japan
Thursday, March 15, 2007
Automakers talk to Congress
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