GM stock prices fell 14% today to less than $3 per share. The drop brought prices to a 65-year low. The last time GM’s stocks were this cheap was 1943, when all civilian car manufacturing had been halted for World War II.
GM announced today that it would cut its employee costs by 30% instead of the previously planned 20%. This means an additional 1,900 jobs will be lost, according to CNN Money.
Because there is so much press at the moment about GM’s financial troubles, the company decided to postpone the reveal of its newest Buick model for a few weeks. Originally to be unveiled at the Los Angeles Auto Show next week, the new Buick will instead be shown at the Detroit Auto Show in January, according to USA Today.
Jeff Embersits, chief investment officer at Shareholder Value Management and an owner of GM stock, told CNN Money how he thinks the company can be saved: "The consumer needs to come out of the toilet and somebody needs to start buying cars."