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(Bloomberg) – President Donald Trump has said he could try to eliminate the subsidies granted to General Motors Co. by an electric car after the announcement of the closure of factories and the dismissal of thousands of American workers.
GM lost up to 2.9% and dropped 2.4% to $ 36.73 at 2:16 pm. At New York.
Trump has repeatedly expressed his anger over GM's plans to close five plants in North America. Since her general manager, Mary Barra, announced the layoffs on Monday.
"We are very disappointed that GM seems to prefer to build its electric cars in China rather than in the US," Larry Kudlow, director of the National Economic Council of the White House, told reporters just before Trump tweets. "We are going to look at some subsidies for electric cars and others and whether they should be applied or not. I can not say anything definitive about it, but we are studying the question. "
Currently, consumers who purchase a fully electric vehicle are eligible for a $ 7,500 federal tax credit. The credit begins to fade away after a car manufacturer has sold 200,000 eligible vehicles, such as the Chevrolet Bolt electric car.
Tesla Inc. has already reached the ceiling and GM should be next. Both companies lobbied Washington for an extension.
Some members of Congress have proposed raising the ceiling or extending the credit, including Senate Speaker, Finance, Utah Republican Orrin Hatch, 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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