Automakers agreed not to fight the EPA waiver, which resulted in higher vehicle fuel economy requirements.

Demand for gasoline has steadily declined in recent years following the 2008 financial crisis and due to higher vehicle efficiency.

Consumers will need to consider the trade-offs between higher vehicle prices and saving fuel and money at the gas pump.

He added that from 2006 to 2010, Ford also earned an additional $10 billion in revenue from higher vehicle prices.

Higher vehicle production globally has led to a rise in sales of car seats and other auto parts, primarily in the United States and China.