A standoff between Ford $F ( ▲ 4.8% ) and Senator Ted Cruz has led to the postponement of a Senate committee meeting with the CEOs of the Detroit Three automakers and Tesla regarding vehicle affordability.
The details: The meeting planned with the Senate Committee on Commerce, Science, and Transportation was slated for Jan. 14. However, Ford notified the committee that its CEO, Jim Farley, would be unable to attend due to a scheduling conflict.
According to Ford, the scheduling conflict stems from the committee meeting overlapping with this year’s Detroit Auto Show, which opens to the media Jan. 14 and runs through Jan. 25.
The automaker has raised concerns about whether Farley is the appropriate person to attend the meeting, given that it’s tied to a Surface Transportation Reauthorization bill for federal highway funds allocated to states.
Ford also has an issue with Tesla’s $TSLA ( ▲ 1.02% ) invite to the meeting being directed to Lars Moravy, who is the company's vice president of vehicle engineering, rather than the electric carmaker’s CEO, Elon Musk.
What they’re saying: “The Commerce Committee is coordinating with the leaders of the auto industry to reschedule this hearing," committee spokesperson Phoebe Keller said in a statement via The Detroit News. "We look forward to this important conversation on auto affordability, the successful repeal of burdensome CAFE standards, and the revival of U.S. domestic vehicle manufacturing.”
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Why it matters: This delayed “affordability” showdown in Washington could shape the role policymakers end up playing in vehicle pricing, directly or indirectly. How the Detroit Three respond may influence future rules on fuel economy, tariffs, incentives, and trade—factors that ultimately determine what dealers can stock, how they price it, and how consumers feel about who’s really on their side.
Between the lines: Despite Keller’s statement, it’s still unclear whether the meeting will be held and if so, when.
Ford declined to comment on the postponement and GM $GM ( ▲ 3.93% ), which has largely been following Ford’s lead, said it remains in contact with the Senate committee.
Stellantis $STLA ( ▲ 2.51% ) has made no known public comments regarding the postponed meeting or whether it shares the same concerns as Ford.
Bottom line: The longer this hearing hangs in limbo, the more room there is for others (politicians, advocacy groups, and even new entrants) to define the affordability narrative for consumers.
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