GM shares fall 7.8%, below IPO price for first time since October 2020

According to CNBC reports, on June 13, General Motors shares closed down 7.8% to $32.28, the first time since October 2020 that it was below the IPO price of $33.

On the same day, U.S. stocks plummeted, and the stock prices of other automakers except General Motors also fell to varying degrees.Among them, shares of Ford Motor and Chrysler Automobiles parent company Stellantis both hit 52-week lows.In the case of GM, the company's shares have fallen about 45% this year.CNBC said GM's stock fell as recession fears intensified and investors doubted that GM's most profitable era was over.

General Motors and other automakers have previously saidinventory of new vehicles could not meet consumer demand during the coronavirus pandemic due to supply chain issues such as a shortageof semiconductor chips.In this case, the company did not offer as many incentives and the price of new cars increased significantly, so even if sales fell, it achieved a new high profit.

Asked by shareholders about restoring the dividend, GM Chief Executive Mary Barra said the company's "immediate priority" was to "accelerate ourelectric vehicleprogram."Under previously announced plans, GM plans to invest $35 billion in electric and autonomous vehicles by 2025, and plans to offer only electric vehicles by 2035.

Just earlier this month, GM announced it would slash prices on the 2023 Chevrolet Bolt EV and Bolt EUV, saying "affordability has always been a priority for electric vehicles."