President Donald Trump announced on Thursday a delay to two Biden-era EPA refrigerant rules, arguing the move will cut costs for companies and save consumers money at the grocery store.

The administration estimated that American families and businesses will save more than $2.4 billion under the new rules.

“Our actions allow businesses to choose the refrigeration systems that work best for them, saving them billions of dollars,” said EPA Administrator Lee Zeldin in a statement.

He added, “This will be felt directly by American families in lower grocery prices.”

But it was unclear Thursday whether or how companies like grocers would use those savings to make it more affordable for shoppers to fill their carts. The changes would not require grocers to take any steps to cut prices at a time when many households see their budgets stretched by soaring gas prices and years of elevated inflation.

The rules target hydrofluorocarbons, or HFCs, potent greenhouse gases commonly used in refrigeration and air conditioning systems that are widely accepted as contributors to global warming. Under the Biden administration, the EPA in 2023 finalized regulations aimed at cutting leaks and emissions from those systems, affecting industries ranging from grocery stores and food distribution to semiconductor manufacturing.

Now, the EPA is delaying compliance by revising the 2023 rule and another regulation from 2024.

The administration’s messaging appears aimed squarely at inflation-weary consumers, especially as food prices remain politically sensitive ahead of the midterm elections this fall. Grocery retailers rely heavily on refrigeration infrastructure, and compliance with the EPA rules would have required upgrades, leak detection systems and new refrigerants in some cases.

At the time the rules were put in place, the EPA argued they would ultimately save businesses and consumers $4.5 billion over time through energy efficiency and lower-cost refrigerants. Grocery and food industry groups warned the transition could cost the industry billions in upfront equipment and compliance expenses.

Large chains such as Walmart, Kroger, and Costco have already been investing in “natural refrigerant” systems for years, so the biggest operators were generally better positioned to absorb the transition. Smaller regional grocers and independent stores may feel the cost burden more acutely.

“An orderly transition of equipment reduces both capital costs and operating costs, and at the end of the day that’s good for consumers because we’re able to take that and put that into lowering prices,” said Kroger CEO Greg Foran at an event at the White House.

Still, it remains unclear how grocers would pass on cost savings to consumers. When asked at the signing, Foran said the company is “right in the middle” of passing savings on to the consumer and making sure they’re “paying the right price.”

Earlier Thursday before Trump’s policy announcement, Bloomberg News reported that Foran planned price cuts at Kroger to allow the grocer to better compete with Walmart and Costco.

Food inflation is driven by a wide range of factors, including labor, transportation, feed costs and commodity prices, and some of those expenses have risen in recent months due to the war in Iran. Refrigeration compliance costs represent a small slice of overall grocery operating expenses.

AUBURN HILLS, Mich. — Stellantis said Thursday it plans to invest 60 billion euros ($69.7 billion) under a new five-year strategic plan by CEO Antonio Filosa that also targets annual cost savings of 6 billion euros by 2028.

The plan includes putting 36 billion euros toward the company’s massive portfolio of automotive brands, with 60% of the investment expected for North America. The company expects to introduce more than 60 new vehicles and conduct major refreshes of 50 models, including all-electric vehicles, hybrids and traditional internal combustion engines.

The other 24 billion euros will be put toward global vehicle platforms and new technologies for the automaker and its products, according to the company.

Stellantis also said it plans to achieve positive free cash flow by 2028 after losing 22.3 billion euros last year with a 22 billion euro restructuring pulling back from all-electric vehicles.

The company is targeting revenue growth across its major global operations through 2030. Most notably, it’s aiming for North American revenue growth of 25%, with adjusted operating income, or AOI, of between 8% and 10% in that period. It’s also targeting 15% revenue growth and AOI of between 3% and 5% for enlarged Europe. It expects double-digit revenue increases in South America, the Middle East and Africa, with an AOI of between 4% and 6% in Asia-Pacific.

Under the plan, Stellantis will not eliminate any of its 14 automotive brands, but it will fold operations of its DS and Lancia European units into Citroen and Fiat, respectively, according to the company.

Fiat is one of four designated “global brands” alongside Jeep, Ram Trucks and Peugot. That division also includes the Pro One commercial operations. Its regional brands will include Chrysler, Dodge, Citroen, Opel and Alfa Romeo. It also owns luxury brand Maserati.

To assist in reducing costs, Stellantis plans to launch a new “STLA One” vehicle platform in 2027. The new platform is designed to bring together five different platforms into “one scalable architecture, reducing complexity and expanding coverage.” It targets achieving 20% cost efficiency, the company said.

By 2030, Stellantis targets 50% of its volume will be produced on three global platforms, with up to 70% component reuse.

Filosa — who began leading the automaker less than a year ago — and other executives are set to lay out details of the “FaSTLAne 2030” plan throughout the day Thursday during his first investor day as CEO at the company’s North American headquarters near Detroit.

Stellantis Chairman John Elkann, a scion of Fiat’s Agnelli family and CEO of Europe’s prominent holding company Exor, on Thursday called the plan “ambitious, but realistic” while outlining industry challenges as well as opportunities for the company under Filosa and his new plan.

The plan’s core pillars are “sharper management” of the brand portfolio, new investments, enhanced partnerships, an optimized manufacturing footprint, “excellence in execution” and empowerment of the company’s regions and local teams.

“What we want you to take away from today is that Stellantis, with all its assets, its capabilities, and its new strategic plan, is well positioned to succeed,” Filosa said to open the event. “You will hear from us today how we leverage our regional roots, our global scale, our partnerships and the new technologies in our journey going forward.”

The company this week announced several new or expanded tie-ups that included Jaguar Land Rover for the U.S. as well as with Chinese automakers Leapmotor and Dongfeng Group, primarily for Europe and China.

As Stellantis partners with Chinese automakers, it’s also competing against them as many of the companies increase sales in Europe.

Amid such competition, Stellantis said it expects to cut European capacity by more than 800,000 units, while repurposing plants and leveraging partnerships. Filosa said the company plans to reduce production without any plant closures.

In both Europe and the U.S., Stellantis said it targets 80% plant utilization in 2030.

Filling those plants will be a variety, or a “freedom of choice,” of products, according to Stellantis. The company’s new or refreshened products are expected to include 29 battery-electric vehicles, 15 plug-in hybrid or extended-range electric vehicles, 24 hybrids and 39 mild hybrids or traditional vehicles with internal combustion engines.

“The interest of consumers around hybrids is growing, also pushed by the oil prices, and range-extended [vehicles] actually is a more customer-centric idea,” Filosa told CNBC’s Phil LeBeau.