Trump Slams Ungrateful GM, Threatens to Cut Off Subsidies After Plant Closures

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President Donald Trump said he's pressuring General Motors move production back into OH after the automaker announced it would close a factory in the state as part of a plan to cut jobs and shutter facilities around the world. But we will all together get the point across to General Motors. "We are now looking at cutting at GM subsidies, including [subsidies] for electric cars", the president said in a tweet Tuesday afternoon. A day earlier, Trump issued a vague threat to GM warning it to preserve a key plant in the presidential bellwether state of OH, where the company has marked its Lordstown plant for closure.

"I pressed GM again to provide new opportunities to the Lordstown workers and take advantage of the skilled workforce there".

GM shares rose almost 5 percent on the announcement.

The company announced Monday it will halt production at one Canadian plant and four US factories, including the Detroit-Hamtramck Assembly plant that builds the plug-in hybrid electric Chevrolet Volt.

As recently as 2012, passenger cars made up more than 50 percent of all US new vehicle sales.

Ohio's incoming governor and lieutenent governor, Mike DeWine and Jon Husted, said they would visit GM in person to make the case for saving the Lordstown plant.

Trudeau went on to say he spoke with GM CEO Mary Barra on Sunday to "express my deep disappointment in the closure [of the Oshawa Assembly Plant in Ontario]". GM's transformation also includes adding technical and engineering jobs to support the future of mobility, such as new jobs in electrification and autonomous vehicles.

The affected plants include three vehicle factories-one in Lordstown, Ohio, one in Detroit, Mich. and the other in Oshawa, Ontario-and two transmission factories in Baltimore and Warren, Mich.

GM will jettison the Buick LaCrosse, Chevrolet Impala and Cadillac CT6 sedans next year.

"The industry is changing very rapidly", Barra said. In the meantime, external forces-particularly, China, GM's largest market-have dented GM's bottom line, wiping out much of the company's savings from the GOP tax reform. The second-largest domestic automaker had already scrubbed plans for a second assembly line in Mexico a year ago due to declining passenger vehicle sales.

But the single largest batch of job cuts by a US automaker in 17 years wasn't greeted as grim news by shareholders.

They also cast a pall over this week's signing of the U.S. -Mexico-Canada Agreement, the hard-won successor to NAFTA that Larry Kudlow, the director of the National Economic Council, acknowledged Tuesday was created to foster the growth of the auto sector. In June, before Trump dropped another wave of tariffs on Chinese imports, GM warned the White House that the threatened tariffs could lead to "less investment, fewer jobs and lower wages" for its employees.

GM, which employs around 180,000 staff, yesterday said it would slash 8,000 salaried jobs and another 6,000 part-time ones.

"It seems like GM would prefer to build its electric cars in China rather than the United States". GM curtailed manufacturing operations in South Korea earlier this year, and the idling of the Oshawa plant had been widely reported in the Canadian press as under discussion. However, after an automaker sells 200,000 electric vehicles, that manufacturer gets phased out of the program over the course of about a year.