CNBC's Phil LeBeau reports on what new fuel economy standards are expected from the Trump administration.

The Trump administration is expected to announce a substantial reduction in fuel economy standards for vehicles manufactured in the United States. This change will roll back the current requirement, set under the Biden administration, for automakers to achieve a fleet-wide average of 51 miles per gallon by 2031.

The new standards, with exact figures yet to be disclosed, are anticipated to lower the miles-per-gallon requirements and ease regulatory burdens on automakers. The announcement coincides with discussions involving major automaker CEOs and comes amid rising auto loan amounts and payments in the U.S. market.

Trump administration's new fuel economy standards

Hey, Carl, the president is expected to announce far lower fuel economy requirements for vehicles made here in the United States. Just for a point of refreshment, the previous standards announced by the Biden administration, I should say current standards, calls for 51 miles per gallon for a fleet-wide average for all the vehicles manufactured by a company by 2031. That's not going to be what we hear from the president today. He's going to be dialing this back considerably. We're still waiting exact numbers in terms of what the fuel economy standard will be. But the expectation is that you will see miles per gallon requirements come down dramatically from where they are right now. And then with that, they will also be easing regulations. That's been a big push from the Trump administration, telling automakers we'll pull back on the regulations. That will help you on the cost front. Then there's the question of what happens to EVs? Funny that this is coming out on a day where Mary Barra, the CEO of General Motors, is currently talking with Andrew Ross Sorkin at the DealBook conference in New York City. He has been talking with her about EVs and specifically whether General Motors pivoted too hard into EVs and now has to reverse course. We're going to be listening to this to see if she has any commentary about the fuel economy standards before she goes down to Washington, at least that's our expectation, along with the CEOs of the other automakers. They're expected to be in the Oval Office at 2.30 this afternoon. Take a look at shares of the automakers and keep in mind that when you look at internal combustion engine vehicle sales in this country, it's about 80 percent. There was a big surge in EV sales towards the end of the third quarter. That has moderated. Hybrids are about 12, 13 percent of the market. So what you're looking at is the fuel economy standards will be announced this afternoon. One other note, guys, and this data came out this morning. We highlighted on SquawkBox the auto loan data coming from Experian, analyzing millions of loans in the third quarter. Average amount borrowed is close to a record high, now over $42,000, up $1,300 compared to Q3 of last year. And average monthly payment, $748, up $13 compared to last year.

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Breakdown