President Donald Trump railed against General Motors (GM) over the company’s plans to cut production at some U.S. facilities and threatened to slash subsidies including the federal tax credit for GM’s electric vehicles.
“Very disappointed with General Motors and their CEO, Mary Barra, for closing plants in Ohio, Michigan and Maryland,” Trump said in a Twitter post. “Nothing being closed in Mexico & China. The U.S. saved General Motors, and this is the THANKS we get!”
….for electric cars. General Motors made a big China bet years ago when they built plants there (and in Mexico) – don’t think that bet is going to pay off. I am here to protect America’s Workers!
— Donald J. Trump (@realDonaldTrump) November 27, 2018
General Motors on Monday announced plans to cut back production in several of its North American plants in states including Ohio, Michigan and Maryland. GM also said it plans to reduce its salaried workforce by 15%, including one-quarter of company executives. The Detroit, Michigan-based automaker expects that the massive restructuring will save up to $6 billion a year by the end of 2020.
As part of the restructuring plan, General Motors also said it will be doubling resources allocated to electric and autonomous vehicle programs in the next two years.
Trump said he is “looking at cutting all GM subsidies” following the announcements. Currently, consumers can take advantage of a $7,500 federal tax credit if they purchase an all-electric vehicle, which includes GM vehicles including the Chevrolet Bolt and Chevrolet Volt. The federal tax credits begin to phase out after a manufacturer sells 200,000 electric cars, a limit which GM and other automakers have been lobbying Congress to lift.
Trump’s latest comments follow a slew of public criticisms directed toward General Motors and its CEO Mary Barra. Trump, who made boosting American manufacturing a focal point of his 2016 presidential campaign, has previously attacked a variety of U.S. companies for shuttering or moving domestic production.
Shares of General Motors extended declines following Trump’s Twitter posts. The stock fell 2.55% to $36.69 each as of market close Tuesday.
Updates with closing share prices for GM.
Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter: @emily_mcck
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