GM shares plunged to their lowest price since 1949 before recovering slightly, reports the Washington Post. Analysts are concerned that the global auto industry is on the verge of "outright collapse." Standard & Poor said on Thursday that it is considering cutting the rating of both GM and Ford to "junk" status, which would sharply increase their cost of borrowing.
Both domestic and imported car sales have been plummeting in the wake of the financial market meltdown.
According to a company statement
Somehow this doesn't inspire a lot of confidence.