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

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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Given that Tesla and General Motors are by far the top producers of electric vehicles , you’d expect their A company spokesman, Patrick E. Morrissey, said G . M . supports continuing the electric vehicle Many countries have far more robust subsidies for electric cars than the United States

Trump has been paying the subsidies on a month-to-month basis, unnerving many insurers. What does this mean for the nearly six million people who receive these subsidies ? Many carriers already anticipated Trump would eliminate the funding and are hiking premiums substantially for 2018.

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.

Cutting the subsidy would be a regressive step that disincentivizes the adoption of electric cars . The U .K. has banned the sale of internal-combustion cars after 2040 and earmarked one billion pounds for subsidies to help people buy hybrid and electric cars , for instance.

Subsidy foes say electric cars should compete at a free-market price without government assistance. Steve Leslie, who owns a roofing company in Hood River, Ore "It' s not a foregone conclusion that U . S . automakers would shelve their EV plans," said Bloomberg New Energy Finance' s McKerracher.

“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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