The stock soared 4.8% on Monday’s announcement. On Tuesday, however, GM shares were down 1.5% in premarket trading as of 11 a.m. in London (6 a.m. EST).
General Motors announced Monday that it would cease production of the hybrid electric plug-in Volt. The announcement came as part of a larger restructuring by the car company as it seeks to focus production around the bigger vehicles in favor with U.S. consumers.
US President Donald Trump went mad, railing against General Motors’ decision to close plants and ax about 14,000 jobs, something his trade war helped trigger in the first place. Trump lashed out at CEO Mary Barra. “I was very tough,” he said,per CNN. “I spoke with her when I heard they were closing, and I said, you know, this country has done a lot for General Motors. The United States saved General Motors, and for her to take that company out of Ohio is not good.”
Trump said he told the CEO that she had “better” reopen plants in the US soon.
Earlier this year, GM lowered its profit forecasts for 2018, citing higher steel and aluminum prices caused by new US tariffs. And in June, GM warned that trade tariffs could lead to job losses and lower wages, telling the Commerce Department that higher steel tariffs would affect competitiveness.
The automaker, which employs about 110,000 workers, on Monday said it planned to halt production at a plant in Ohio, a state that voted for Trump in 2016.
Trump is now threatening a similar cmapaign against iPhone users. Meanwhile the rest of the tech world moves to hybrid and electric cars!