GM, Ford fall again as Wall Street sinks again
Washington — General Motors Co. and Ford Motor Co. gave up early gains and fell again Tuesday as stock markets fell amid broader concerns about China and the global economy.
Shares in General Motors Co. fell another 1.9 percent, or $0.52 a share, to $27.28. The Detroit automaker is down 14 percent since Aug. 19. GM’s stock closed at its lowest price since February 2013. GM had traded as high as $29.20 on Tuesday before falling nearly $2 a share in intra-day trading.
Ford Motor Co. saw shares fall 2.2 percent to $12.90, down $0.29 a share. It’s the first time Ford closed below $13 a share since April 2013. Ford had traded as high as $13.86 on Tuesday.
The Dearborn automaker is down 13 percent since Aug. 18. Ford’s market cap has lost about $8 billion in a little over a week, and GM’s market cap is down by about $6 billion.
The Dow Jones Industrial Average gave up another 204 points on Tuesday, falling 1.3 percent. Auto sales have been rising steadily for six years, but a big decline in the stock market may prompt some potential buyers to put off buying a new vehicle.
Fiat Chrysler Automobiles NV bucked the trend and was up 2.2 percent, or $0.30 a share, to $14.04 on the New York Stock Exchange. Tesla Motors Inc. rose 0.5 percent, or $1.16 a share, to $220.03.
Toyota Motor Corp. fell 0.2 percent, or $0.15, to $113.37, while Honda Motor Co. fell nearly 1 percent, or $0.27, to $29.98. Both Japanese automakers American Depository Receipts trade on the New York Stock Exchange.