November 27, 2018 3:44 pm
Updated: November 28, 2018 1:51 am

Trump bashes GM for plant closures, threatens to cut all subsidies to automaker

WATCH: President Donald Trump threatened General Motors on Tuesday that he would take action, potentially cutting all subsidies for the company including on electric cars, in response to the announcement GM would be shuttering some plants as part of its global restructuring.

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U.S. President Donald Trump said the White House was looking at cutting subsidies for General Motors Co after the largest U.S. automaker said it would halt production at five plants in North America and layoff thousands of workers.

“The U.S. saved General Motors, and this is the THANKS we get! We are now looking at cutting all @GM subsidies, including … for electric cars,” Trump said on Twitter.

READ MORE: Scheer meets GM workers in Oshawa as union head to speak with PM on plant closure

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 or if he had other subsidies in mind. GM shares fell on Trump’s tweets and were recently down 2.4 percent.

GM declined to immediately comment.

Trump criticized GM for not closing facilities in Mexico or China on Twitter.

WATCH: White House says GM making a car that nobody wants to buy

White House spokesman Sarah Sanders told reporters on Tuesday that the president is looking into options.

“The president wants to see American companies build cars here in America not build them overseas and he is hopeful that GM will continue to do that here,” she said.

WATCH: Morneau defends government response to GM closure in comparison to Alberta

The company announced Monday it will halt production at one Canadian plant and four U.S. factories, including the Detroit-Hamtramck Assembly plant that builds the plug-in hybrid electric Chevrolet Volt. GM is ending production of six vehicles, including the Volt, as it cuts more than 6,500 factory jobs.

GM confirmed on Tuesday that 2,250 salaried workers had applied for buyouts. The company said Monday it plans to cut about 8,000 of its 54,000 salaried workers in North America. The company plans to layoff thousands of salaried workers in January.

WATCH: Trump believed USMCA was a ‘great help’ to auto sector

Trump told GM on Monday it “better” find a new product for Lordstown Assembly plant in Ohio that will halt production in March. GM has said sagging demand for small cars largely prompted the cuts.

© 2018 Reuters

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