Trump threatens to cut GM subsidies amid layoffs, possible plant closures

Trump threatens to cut GM subsidies amid layoffs, possible plant closures

Two factories outside of North America will also close, but no word from GM as to what locations those are. Barra said the company will double resources dedicated to electric and self-driving vehicles over the next two years.

"The actions we are taking today continue our transformation to be highly agile, resilient and profitable, while giving us the flexibility to invest in the future", Barra said. We want to make sure we're well-positioned.

Shares of GM, the largest automaker in the United States which sells the Chevrolet, Buick, Cadillac and GMC brands, rose almost 6 per cent on the news to $52.53 in afternoon trading.

While industry-wide passenger auto sales were down 13.2 per cent through the first nine months of the year, pickup truck and SUV sales rose 8.3 per cent. It's expected to reach that point by the end of this year.

By the end of 2020, GM is projecting a freed-up cashflow of $US6 billion ($A8.31 billion), along with $U4.5 billion ($A6.24 billion) in cost reductions and a $US1.5 billion ($A2.08 billion) lower capital expenditure. The company is also halting production or sale of other models, including the compact Chevrolet Cruze, the full-sized Chevy Impala and certain Cadillacs. The credit begins to phase-out after an automaker sells 200,000 eligible vehicles, such as the Chevrolet Bolt electric auto, which is built in a factory near Detroit.

The Hamtramck and Lordstown assembly plants are now operating on one shift. "That's a real mismatch in a market where 40 per cent of the vehicles sold are crossover utilities".

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After the morning announcement, Barra was to head for Washington to speak with White House economic adviser Larry Kudlow in what was described as a previously scheduled meeting, according to a White House official who spoke on condition of anonymity because the official was not authorized to discuss the meeting publicly.

"GM is committed to maintaining a strong manufacturing presence in the USA, as evidenced by our more than $22 billion investments in US operations since 2009".

Mr Trump said he was "not happy" and had told Marry Barra, General Motors' chief executive, that she should stop making cars in China and open a new plant in OH to replace the ones where the company is...

A White House spokesperson didn't immediately respond to a request for comment.

GM electric vehicles are eligible for a $7,500 tax credit under federal law, but it is not clear how the administration could restrict those credits. Trump said he told the company that the US has done a lot for GM and that if its cars aren't selling, the company needs to produce ones that will. "Lordstown has been part of the GM family for more than 50 years so it's painful to see this happen to the plant's workers, their families and the community".

The company has marked a sedan plant in Detroit, a compact vehicle plant in OH, and another assembly plant outside Toronto for possible closure.

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