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• Shares of the automaker plunged 7.8%, closing at $32.28 per share
General Motors Co (NYSE: GM) shares on Monday fell below its $33 initial public offering price for the first time since October 2020.
Shares of the automaker plunged 7.8%, closing at $32.28 per share. GM shares have fallen about 45% this year, amid fears of recession due to rising inflation.
During the pandemic, several automakers posted record profit amid high demand and short supply of vehicles due to semiconductor shortages.
New car prices increased sharply which eventually led to record profit despite lower sales.
Picture Credits: Getty Images
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