(CNN) — President Donald Trump on Wednesday unveiled plans to rescind fuel-economy standards for vehicles put in place under the Biden administration.

“These policies forced automakers to build cars using expensive technologies that drove up costs, drove up prices, and made the car much worse,” Trump said during an Oval Office event announcing the changes. “The action is expected to save the typical consumer at least $1,000 off the price of a new car, and we think substantially more than that.”

Top auto executives, including the CEOs of Ford and Stellantis, along with a General Motors plant manager, were in attendance at the event.

The Corporate Average Fuel Economy standards, first established in 1975, set the average fuel economy targets for new vehicles. The Biden administration had

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