Donald Trump just threatened to cut GM’s electric vehicle subsidies in their entirety

Posted by on November 27, 2018 7:20 pm
Categories: Electric Vehicles & EV Charging NEN Exclusives Self-Driving & Autonomous Vehicles

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To be clear, I am a conservative-leaning, independent-voting American, and I have supported the vast majority of President Donald Trump’s actions he has taken to promote his America First agenda, however, I, as a new energy and battery metals investor and EV enthusiast cannot, in any way, shape, or form, get behind the cutting of electric vehicle tax credits, incentives, or subsidies on a nationwide basis, as this would not only hurt General Motors, but all electric vehicle makers, including Tesla, and would therefore pose an existential threat to the entire EV revolution. That said, I do support Mary Barra and GM being brought to heel in terms of stopping their outsourcing of their vehicle produce, electric or otherwise, to other countries, including Mexico and China (especially China).

Update: Larry Kudlow, Trump’s top economic advisor, Larry Kudlow, has lent more credence to the President’s threat, by stating to CBS at a press conference today that the Trump Administration is definitely looking into whether or not to cut General Motors’ electric vehicle subsidies as potential punishment for closing its U.S.-based plants, in favor of producing electric vehicles in China. While no decisions have been made yet, I expect that Trump will, indeed, go ahead with punishing GM if they go ahead with their plans to cut costs at the expense of North American workers, while simultaneously moving their business progressively closer to China with each passing day.

Update 2: Several other news outlets are now covering this story, plus the fact that while GM’s announcement about plant closures caused its stock to rise, Trump’s threats to cut the company’s subsidies are having the exact opposite effect.

Alternet: “Trump sends GM’s stock tumbling after rage-tweeting a threat to the company”

Bloomberg: “Trump Threatens to End GM Electric-Car Subsidies”

CNBC: “General Motors’ shares fall after Trump threatens to cut subsidies for company as retaliation for layoffs”

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