Cries rang throughout the world last night as President Barack Obama clinched a second term in office, but what that means for the auto industry is still somewhat unclear.
Key issues still sit on the table including what will be done with the 500 million federally-owned shares of GM stock. During his campaign, Romney said he would dispense of the shares were he elected. Now the question remains: what will become of those shares and when?
Electric car manufacturers probably breathed a collective sigh of relief last night too. The Obama Administration encouraged and supported electric car manufacturers through subsidies, something that raised harsh criticism at times over American tax dollars being poured into foreign companies.
Those policies are likely to not only continue, but to be bolstered now that there isn’t an election looming.
The 54.5 mpg corporate average fuel economy (CAFE) policy recently put into place prompted groans from some members of the auto industry, but it might not be all bad for automakers. Predictability means a lot to companies planning product changes that will potentially be in effect until 2025.
A mandate for all cars to have backup cameras by 2014 was also put on hold after automakers complained about the added cost to new cars. With the President re-elected, that issue is also likely to be put back on the table.