At the close of the business day on Wall Street today, the Dow industrial average had dropped a total of 678.91 points, taking the auto industry with it on its downward spiral. Posting the biggest loss since 1950, GM closed today with shares at $4.76, measuring a 31% drop in value. Ford, which hit a 25-year low on Wednesday, today posted a 22% lost with shares closing at $2.08. In the wake of the staggering devaluation, the combined stock market value of two-thirds of the powerful Detroit 3 has sunk to well under $10 billion. To put that in perspective: Toyota Motor Corps was worth an estimated $106 billion dollars as of Wednesday, despite posting a 40% loss during the last year.
Essentially, the gaps that were present in Detroit’s model line-up are now leaking the most revenue, it’s not exactly surprising that the Prius’ mother ship is managing to tread water in the midst of the market downturn. Bottom line: once you hit rock bottom, there’s no where to go but up. Just sit tight guys – we will get through this.
[News Source: Auto News]