08:16 AM EDT, 03/19/2024 (MT Newswires) -- The US Department of Energy will unveil final rules on Tuesday of its proposed "Petroleum-Equivalent Fuel Economy" rating for electric vehicle mileage that are expected to soften its initial proposal, which could have resulted in billions of fines for US carmakers, Reuters reported Monday.

The final rule for the rating will gradually reduce the compliance value of EVs by 65% through 2030, the report said, citing people familiar with the matter. It was previously expected to be 72% in 2027.

In October, the American Automotive Policy Council representing General Motors ( GM ) , Stellantis ( STLA ) and Ford (F) reportedly said in a letter to the Energy Department that an initial version of the proposed fuel economy standards would cost the Detroit Big Three up to $10 billion in aggregate fines.

The DOE, Ford and GM did not immediately respond to MT Newswires' requests for comment. Stellantis ( STLA ) deferred comment to the AAPC, which did not immediately respond.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 40.67, Change: -0.15, Percent Change: -0.38