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Wednesday, 30 September 2020 19:00

California Governor’s Ban on New Gas Cars in 2035 May Wallop Drivers' Wallets: Analyst

Written by Brian Sozzi, Yahoo Finance
Sen. Kamala Harris, the Democratic vice presidential nominee, met with Gov. Gavin Newsom and CalFire officials Sept. 15 to review the devastation of the Creek fire in Pineridge, CA. Sen. Kamala Harris, the Democratic vice presidential nominee, met with Gov. Gavin Newsom and CalFire officials Sept. 15 to review the devastation of the Creek fire in Pineridge, CA. Carlos Avila Gonzalez/The San Francisco Chronicle via Getty Images

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Shares of Detroit’s Big 3 automakers---Ford, General Motors and Fiat Chrysler---turned lower after Newsom’s announcement.

 

Fix adds there could be other consequences from Newsom’s decisions that the governor neglected to factor in.

 

“Think about the auto repair shops. They are going to be very busy for a period of time if this goes into place. But then they will have less customers down the road [think no oil changes for EVs] and so that could lead to an impact on the economy. It could possibly cause a large group of people to own vehicles out of state. You can buy them in other states and have licenses in Montana or Maine or Nevada, and that has been done already,” said Fix.

 

We thank Yahoo Finance for reprint permission.


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