Trump threatens to cut GM's federal subsidies over layoffs

General Motors To Close Ohio Plant, Thousands Affected

General Motors (GM) may have delivered net income of close to $2.5 billion (€2.2 billion) in the third quarter of 2018 and be on a sound financial footing, but the company's intention to cease operations in three Midwestern states and the Canadian province of Ontario has been met with disdain by the U.S. president.

"I spoke with her (Ms Barra) when I heard they were closing and I said, "You know, this country done a lot for General Motors", he said.

General Motors benefits from a federal tax credit for electric vehicles, but the programme phases out after a manufacturer sells 200,000 cars. General Motors announced Monday that it plans to lay off roughly 14,700 workers, a number which represents 15 percent of all its salaried employees.

GM now builds just one vehicle in China that it exports to the United States - the Buick Envision.

"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", he wrote. GM has several plants running well below that, and Barra said North American operations overall were operating at 70 per cent capacity.

Trump's tweets came as his top economic adviser Larry Kudlow was calling the job losses "a great disappointment" during a White House press briefing. Kudlow said. "We are going to be looking at certain subsidies regarding electric cars and others, whether they should apply or not".

GM jumped as much as 7.9 per cent to US$38.75, the highest since July, as of 12:20 p.m.in NY trading.

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"Well, it's one plant in Ohio".

GM's decision to halt production at factories in the United States and Canada has angered many politicians. I said well get a auto that is selling well and put it back in. "It's nothing exclusive to GM", said Jeremy Acevedo, manager of industry analysis at Edmunds.

GM has announced that it will be closing five North American plants by the end of 2019, which will include the assembly facility in Detroit, Ohio and Ontario, Canada, as well as transmission factories in MI and Maryland. At a rally near GM's Lordstown, Ohio, plant last summer, Trump told people not to sell their homes because the jobs are "all coming back".

In addition to these plants, GM said that at the end of 2019 it will cease production at two other plants located outside North America, providing no further details but saying that it will do so in the very near future.

General Motors Co recently announced it was slashing production of struggling models and reduce its North American workforce.

The restructuring is part of a shift by GM as it abandons many of its auto models and focuses more on autonomous and electric vehicles. The company estimates that the cuts will save it $6 billion by the end of 2020. Also on the line are transmission factories in Warren, Michigan, as well as Baltimore.

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