Politics: Trump Says U.S. May Eliminate Electric Car Subsidies for GM - PressFrom - US
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PoliticsTrump Says U.S. May Eliminate Electric Car Subsidies for GM

21:30  27 november  2018
21:30  27 november  2018 Source:   bloomberg.com

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President Donald Trump said he may try to eliminate electric car subsidies for General Motors Co. after it announced it will close factories and lay off thousands of U . S . workers. GM shares fell as much as 2.9 percent and traded down 2.4 percent at .73 at 2:16 p.m. in New York.

Trump ’ s Threat to Kill GM ’ s Subsidies Prompts Skeptical Response. .for electric cars . General Motors made a big China bet years ago when they built plants there (and in Mexico) GM said many of the U . S . employees affected by the plan announced Monday would have the opportunity to shift to

Trump Says U.S. May Eliminate Electric Car Subsidies for GM© Bloomberg A charging plug is seen connected to a General Motors Chevrolet Volt electric vehicle at a charging station in Los Angeles.

President Donald Trump said he may try to eliminate electric car subsidies for General Motors Co. after it announced it will close factories and lay off thousands of U.S. workers.

GM shares fell as much as 2.9 percent and traded down 2.4 percent at $36.73 at 2:16 p.m. in New York.

Trump has repeatedly expressed anger over GM’s plan to close five North American factories since its chief executive Mary Barra announced the layoffs on Monday.

GM stock falls after Trump threatens to cut company's subsidies

GM stock falls after Trump threatens to cut company's subsidies President Donald Trump will consider cutting all subsidies to General Motors after the company announced plans to slash productions at several American plants, he said Tuesday. "We are now looking at cutting all @GM subsidies, including.... for electric cars," the president wrote in a pair of tweets. Trump tweet The automaker's shares were down 3.6 percent after the tweet. The comment escalates the president's public threats against GM as he pushes the company to keep the facilities in Ohio, Michigan and Maryland open.

(Bloomberg) — President Donald Trump said he may try to eliminate electric car subsidies for General Motors Co. after it announced it will close factories and lay off thousands of U . S . workers. GM fell as much as 2.9 percent and traded down 2.4 percent at .73 at 2:16 p.m. in New York.

U . S . President Donald Trump said he may try to eliminate electric car subsidies for General Motors Co. after it announced it will close factories and lay off thousands of U . S . workers. Trump has repeatedly expressed anger over GM ’ s plan to close five North American factories and lay off

“There’s great disappointment that it seems like GM would rather build its electric cars in China rather than the United States,” Larry Kudlow, director of the White House National Economic Council, told reporters at a briefing on Tuesday, just before Trump’s tweets. “We are going to be looking at certain subsidies regarding electric cars and others and whether they should apply or not. Can’t say anything final about that, but we’re looking into it.”

Currently, consumers who purchase a fully-electric vehicle are eligible for a $7,500 federal tax credit. The credit begins to phase-out after an automaker sells 200,000 eligible vehicles, such as the Chevrolet Bolt electric car.

Tesla Inc. has already reached the cap and GM is expected to be next. Both companies have lobbied in Washington for an extension.

Some members of Congress have proposed raising the cap or otherwise extending the credit, including Senate Finance Chairman Orrin Hatch, a Utah Republican, and Senator Dean Heller of Nevada, where Tesla operates a large battery factory. Heller, a Republican, lost his re-election bid this month to Democrat Jacky Rosen.

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