GM shares close below IPO price for the first time since October 2020

GM shares close shares Monday closed below $33 for the first time since October 2020 following the automaker’s post-bankruptcy IPO.

Amid a broad market sell-off propelling Ford Motor and parent company Chrysler Stellantis to fresh 52-week lows. GM shares close shares closed at $32.28 a share, down 7.8 percent. General Motors shares are down about 45% this year as recession fears mount and investors doubt the automaker’s most profitable days are behind it.

GM and other automakers reported record profits during the coronavirus pandemic. As consumer demand outpaced new car inventories on supply chain issues, including a shortage of semiconductor chips.

The situation has sent new car prices soaring with minimal company stimulus, generating record profits despite lower sales.

GM stock ended in an IPO at $33 per share in November 2010, hours after the company’s annual shareholders’ meeting.

When asked by shareholders about GM’s dividend return, CEO Mary Barra said the company’s “clear priority” was to “accelerate our electric vehicle plans. GM is on track to invest $35 billion in electric and autonomous vehicles by 2025. And plans to offer exclusive electric cars by 2035.