The Biden administration proposed a new and ambitious set of fuel economy standards for cars and light-duty trucks Friday, its latest move to prod American consumers towards adopting electric vehicles (EVs). The National Highway Traffic Safety Administration (NHTSA), a subagency of the Department of Transportation (DOT), unveiled the updated Corporate Average Fuel Economy (CAFE) standards, which would require cars and lighter trucks to improve their respective fuel efficiencies by 2% and 4% starting in 2027, according to a DOT press release announcing the proposal. The rule would also mandate work vans and pickup trucks to increase their fuel efficiencies by...