CNBC's Phil LeBeau joins 'Squawk Box' to discuss the latest news on the auto industry and the Trump administration's push to make vehicles more affordable.

The Trump administration has initiated a push to address the rising costs of new and used vehicles, with the average price for a new car reaching $50,326, according to Cox Automotive. Monthly payments have also increased, with 20% of auto loans now featuring payments of at least $1,000, up from 5% in 2019. 

Major automakers such as GM, Ford, and Stellantis are participating in discussions with administration officials to explore ways to improve affordability. While automakers note that consumer demand remains strong despite higher prices, federal officials are considering options to ease the financial burden on buyers, though direct price controls are not expected.

White House auto affordability push

The Trump administration making a push for more affordable cars and trucks. Phil LeBeau joins us now with the latest. Good morning, Phil. Good morning, Andrew. You guys mentioned before the break sticker shock and the administration's efforts to remove some of that sticker shock by making vehicles more affordable. Take a look what the average price paid is for a new vehicle right now. If you went out, this is according to Cox Automotive, if you went out to a dealership, you'd be paying $50,326. That is an all-time high. And for the Trump administration, they realize, and they've heard the complaints from people across the country, wait a second, it's too expensive to buy a new vehicle right now. Heck, used vehicle prices are close to a record high as well. And so this is the beginning of their efforts today to say, look, we need to make vehicles more affordable. The average monthly payment, and this is how most people look at buying a vehicle. The average monthly payment, according to Edmunds right now, is $781. You really want to be surprised? Look at the percentage of auto loans that include a monthly payment of at least $1,000, if not more. It was 5% back in 2019. Now one out of every five auto loans, according to Edmunds, has a monthly payment of at least $1,000. For GM, Ford, Stellantis, they're going to be part of the tour today with the administration where representatives will be talking about auto affordability. Look, their profits have been growing. And the argument that you will hear from people in the auto industry is, it's not my job to tell people they can't afford a particular vehicle. My job is to give the market what it wants. And right now, the market is willing to pay more for vehicles. So later on this morning, we're going to be talking with Transportation Secretary Sean Duffy, as well as EPA Administrator Lee Zeldin, U.S. Trade Representative Jameson Greer. This is going to be a first on CNBC interview coming up on Squawk on the Street. You don't want to miss what they have to say. Guys, I think the big question is, what does the federal government want? What does the Trump administration want from the auto industry? Are they looking to mandate a certain number of vehicles are sold at a certain price point? I don't think they want to get into setting prices on vehicles. But it is a real interesting question and a bit of a dilemma for the auto industry.

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Breakdown