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John Gress | Reuters
Kathy Huff installs a flagship unit at GM's Chevrolet Silverado and GMC Sierra pickup factories in Fort Wayne, Indiana on July 25, 2018.
President Donald Trump will consider removing all subsidies to General Motors after the company announced plans to cut production at several US plants, he said on Tuesday.
The builder's shares fell after the tweet and fell nearly 3% on Tuesday afternoon.
The tweet amplifies the President's public threats against GM as he is pushing the company to keep the Ohio, Michigan and Maryland facilities open. Trump has repeatedly lobbied US companies that are planning to shut down facilities or relocate their operations overseas after being committed to relaunching manufacturing in the United States.
"They'd better open a new factory [in Ohio] very quickly, "Trump told the Wall Street Journal about GM's decision on Monday, saying he told the company that" you were playing with the wrong person ".
It was unclear to what extent subsidies helped GM's operations, or the power Trump had to cancel the company's tax breaks.
GM has already started moving away from an electric vehicle model. As part of its plans announced Monday, the automaker has announced that it will phase out production of the Chevrolet Volt plug-in hybrid.
The badembly of the model took place at a Detroit plant where 1,500 people could lose their jobs during the restructuring. GM plans to stop production of the Volt at the beginning of March.
This story is growing. Please check again for updates.
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