President Trump is scheduled to sign congressional resolutions of disapproval against California’s electric vehicle mandates and rules in a major win for internal combustion engine (ICE) vehicles.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Trump seeks to put a halt to California’s plan to ban the sale of gasoline-powered vehicles by 2035. He also wants to scrap a rule that requires 80% of vehicles to be electric by 2025.
TSLA, RIVN Stocks Sink on Impending Trump Resolutions
Furthermore, Trump will sign resolutions to revoke a requirement for more zero-emission heavy-duty trucks and rescind low-nitrogen oxide regulations for certain vehicles and engines.
“We thank President Trump and Congress for delivering on their promise to put an end to these extreme mandates and ensure every American can choose the vehicle that’s best for them,” said American Petroleum Institute President and CEO Mike Sommers.
The resolutions are set to benefit ICE vehicle manufacturers like General Motors (GM) and Toyota (TM) while dealing a blow to EV companies like Tesla (TSLA) and Rivian (RIVN), which are trading lower today.
