GM shares hit their lowest since 1950s, down as much as 22%

GM shares hit an all-time low today, the lowest since 1950s due to concerns that a decline in the auto industry that started in the U.S. was spreading around the world and leading forecasters warned the global auto demand could fall in 2009.

Shares fell as much as 22 percent to $5.42 driving GM’s market capitalization to the lowest since 1929. GM’s market cap now stands at $3.3 billion, compared to $4 billion in March 1929 before the stock market crashed.

According to Automotive News, as of 3:25 pm EDT, GM shares were trading at $5.49, down 20.5 percent. FoMoCo’s shares hit a quarter century low on Wednesday, falling as much as 13.5 percent.

Source: Automotive News (Subscription Required)