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The new CAFE standard meant that cars would have to be hitting 42mpg (26mpg for trucks) in less time than it typically takes to develop new car models.
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Still, because it takes years to develop new cars, automakers have been at work.
The money will be used to develop new cars and overhaul production lines.
It normally takes four to five years for companies like General Motors or Toyota Motor to develop new cars.
Mazda and Ford have also done less than Nissan and Renault, among others, to develop new cars and platforms jointly, analysts said.
DETROIT — Edward E. Whitacre Jr., the new chief executive of General Motors, has one big advantage as he tries to turn around the automaker — a stockpile of cash to develop new cars and trucks.
David Healy, an analyst at Burnham Securities, said Thursday that Mitsubishi and Chrysler were far along in developing new cars together.
But because developing new cars from scratch can take two years or more, analysts do not see a quick turnaround.
He painted himself as a man concerned with the big picture, busy trying to protect jobs and control the cost of developing new cars.
G.M. and Peugeot announced an alliance last week to cooperate on developing new cars with the aim of saving $2 billion annually via pooling purchasing and research and development.
Volkswagen and Audi, both part of Volkswagen A.G., have often shared platforms successfully, enabling them to divide the huge costs of developing new cars.
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