DETROIT (Reuters) - General Motors Corp (GM.N: Quote, Profile, Research, Stock Buzz) shares fell as much as 21.6 percent to their lowest level since 1950 on Thursday amid financial market turmoil and the car maker's report of European sales declines through the first nine months of 2008.
GM, whose shares fell as low as $5.42 on the New York Stock Exchange, blamed the credit crisis and inflation for hurting consumer confidence in Europe, where its sales have declined 1.9 percent in 2008 through September.
GM, the largest U.S.-based automaker, posted a $15.5 billion net loss in the second quarter and announced plans in July to cut costs by about $10 billion. The company has been restructuring in North America to meet increasing demand for more fuel-efficient vehicles.
::See GM CEO Rick Wagoner make his case for the future of GM on video
::GM Stock Quotes
::VIDEO: GM Stock Cheaper Than Gas
::Cheap GM Stock Shares Lead GM To Suspend Employee Stock Purchases
Start your workday the right way with the news that matters most. Learn more