Investors who pushed up shares of General Motors, Ford and Fiat Chrysler on a bet that Donald Trump will gut clean-air rules may have forgotten another player with a big say: California.
The state has more people and cars than any other, giving its regulators an outsize influence on what automakers build. And lest anyone think differently, California has no intention of backing away from clean-air enforcement, even if Trump undermines federal mandates, said Dan Sperling, a member of its powerful Air Resources Board.
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