Oh boy. Bob Lutz is in deep trouble. Scratch that. Everyone in GM is in big f*cking trouble. GM shares closed down 15%, its lowest since September 1954 after buzz hit the market of company’s possible bankruptcy. GM has been down billions for years now and with sales figures shooting down, the market just offer less and less opportunities for GM to even recoup.

“We believe there is potential downside in the stock below $7 and that bankruptcy is not impossible if the market continues to deteriorate and significant incremental capital is not raised,” said analyst John Murphy.

While the volatility if the car market due to oil price concerns seems to be posing major problems to all of the automakers (even Toyota suffered worse sales for the last month), the trouble GM is in spells just about how bad a situation Detroit is in.

Source: BBC