Why Is General Motors Company (NYSE:GM) Flailing?
There was an ebb in the demand for new vehicle in the U.S, in September and General Motors Company (NYSE:GM) could not meet analyst expectation while competitors like Ford came out tops. Analysts had projected a dip in sales and the annual auto sales-rate stood at 15.28M vehicles. This was the lowest it has been since April. In August, this figure stood at 16.09 million. As per Autodata research, there was a 4.2% drop in overall United States auto sales in the last month and only 1.14 million vehicles were sold.
The dim phase
These figures are definitely dismal ones and on a y-o-y basis, have been the industry’s 1st drop in over 2 years. The industry at large is also concerned about the impact that the Federal easing will have on the sales this month. Analysts and those in the business are optimistic that the industry has enough muscle to weather that storm as well. Experts in the field are of the opinion that as long as the other economic factors do not change, they will still be able to support the business and move unscathed through this temporary phase.
Tuesday’s trading session
In Tuesday’s trading, General Motors Company (NYSE:GM) dropped by 0.17%. The shares opened at a price of $36.04, climbed to an intraday high of $36.41 and dipped to a close of $35.91. Approximately 21.89 million shares were traded on Tuesday while an average volume of 15.06 million shares were traded over a 30 day period. The 52-week low of the company’s shares is $22.67 and its 52-week high is $37.97. General Motors Company (NYSE:GM) has a market capitalization of $53.30 billion.
General Motors Company (NYSE:GM) is engaged in designing, building and selling cars, automobiles and trucks-parts globally. It also provides various automotive financing-services via General Motors Company (NYSE:GM) Financial Company.