President Donald Trump is lashing out following yesterday’s General Motors restructuring announcement that includes closure of four US factories and will result in over 14,000 job projected losses in North America.
Trump threatened to curtail subsidies that benefit the company’s operations on Twitter.
GM CEO Mary Barra spoke with Trump by telephone Sunday in advance of Monday’s public announcement.
Yesterday she met at the White House with Larry Kudlow, the director of the National Economic Council.
At a White House press conference today, Kudlow said “It’s a great disappointment… We are going to be looking at certain subsidies regarding electric cars and others… whether they should apply or not.”
GM had just announced a coalition with Nissan and Tesla two weeks ago to lobby for an extension or redrafting of the $7,500 federal tax credit for vehicles with 16 kWh or larger battery packs.
Those subsidies begin to run out for each car maker’s customers after the first 200,000 vehicles are sold. Tesla passed that threshold in the third quarter this year and GM is expected to hit that level before the end of 2018.