Why GM Stock Hit A New 52-Week Low Today

General Motors Co GM shares are trading lower by 1.6% to $28.74 Tuesday afternoon, marking a new 52-week low. The stock is falling amid the company's third-quarter earnings report and amid a report the company's driverless-car technology arm Cruise is having its permits suspended in the state of California.

Per a report by the Wall Street Journal, the California DMV suspended Cruise's autonomous vehicle permits, citing safety concerns and allegations of safety information misrepresentation.

Cruise, mostly owned by General Motors, is under scrutiny, including a safety-defect probe and allegations of prematurely launching its robotaxi service. WSJ says issues in San Francisco, such as vehicle stalls and incidents, have also arisen.

What Happened With GM Earnings?

GM reported strong third-quarter FY23 sales with a 5.4% year-on-year increase, reaching $44.13 billion, surpassing the estimated $43.68 billion. Third-quarter deliveries also saw a 5.2% YoY growth, totaling 1.62 million units.

Notably, North America saw a substantial 20% increase to 796,000 units, while China experienced a 13.9% decline to 542,000 units. However, costs and expenses for the quarter rose by 6.8% year-on-year to $41.1 billion...Read More

According to data from Benzinga Pro, General Motors has a 52-week high of $43.63 and a 52-week low of $28.01.