An act to amend title V of the Motor Vehicle Information and Cost Savings Act to reduce administrative burdens on low volume automobile manufacturers, to encourage an increase of the domestic value added content in labor and materials of foreign automobiles sold in the United States, to extend the time available to all manufacturers for carryforward or carryback of credits earned under the Act, and for other purposes.

[AI summary unavailable — showing source text] Amends title V (Improving Automotive Efficiency) of the Motor Vehicle Information and Cost Savings Act to exempt manufacturers of fewer than 10,000 passenger automobiles in any model year from the average fuel economy standards for such year. Exempts from such standards manufacturers whose domestically manufactured production commenced after a specified date. States that the failure of any manufacturer to comply with any average fuel economy standard shall not be deemed unlawful conduct if the manufacturer has sufficient credits or time in which to gain such credits to offset any penalty which would otherwise be assessed. Permits credits earned for exceeding the required fuel economy levels for any given model year to be used to offset any penalties such manufacturer may have incurred for the three consecutive model years prior to such year or any penalties such manufacturer may incur in the succeeding three consecutive model years. Extends the time available to all passenger automobile manufacturers to carry forward or carry back such credits. Directs the Administrator of the Environmental Protection Agency to include certain foreign-manufactured automobiles in such manufacturer's…