GM is set to withdraw some of its funding for its major teams competing in America’s NASCAR Sprint Cup.
The US auto giant entered Chapter 11 bankruptcy protection on June 1, and it has already announced funding cuts for its Nationwide and Truck Series teams.
Chevrolet teams Hendrick Motorsports and Stewart/Haas Racing currently top the championship table, and both confirmed they had been informed of GM’s decision to cut funds.
Rick Hendrick, Hendrick Motorsports team owner, said in a statement: “We had very productive conversations this week with the folks at General Motors and it's clear they are committed to racing and committed to our organisation.
"They've asked us for some help and we're going to give it to them. We're proud to be a Chevy team and we will do our part to support the new GM both on and off the racetrack."
Tony Stewart, owner and driver for Stewart/Haas Racing, said: "These are tough times for our auto industry and in light of what's happening to them and how it affects all the people who make a living building and selling cars and trucks, the sacrifices we'll have to make as a race team are pretty weak in comparison."
Chevrolet also provides funding for Richard Childress Racing and Earnhardt Ganassi Racing.
It is understood that GM provides between 10 and 20 per cent of a teams' budget, as well as technical support.