American flags fly near a General Motors Co. 2019 Chevrolet Camaro displayed at a car dealership in Tinley Park, Illinois, U.S.
Daniel Acker | Bloomberg | Getty Images
Shares of the Detroit automakers plunged to 52-week lows Monday amid a wider market sell-off due to the sinking price of oil and fears about the economic fallout from the coronavirus.
General Motors led the drop, falling as much as 13% to less than $25 per share – the lowest price since 2012 and more than double the declines of the Dow Jones and S&P 500. Shares of GM are down 33% in the past year, including a roughly 31% fall this year.
Fiat Chrysler was down more than 8%, while Ford Motor declined over 6%. Fiat Chrysler was trading around $10.81 per share as of 12:30 p.m.
Shares of Tesla were down 10% to about $631 per share.
Tesla and GM dropping more than the market could be due to their focus on all-electric vehicles.
As President Donald Trump tweeted Monday, falling oil prices are good for consumers at the pump, however they don’t assist consumers in moving from fossil fuels to all-electric vehicles.
“Good for the consumer, gasoline prices coming down!” Trump tweeted as part of a series of posts regarding oil prices and the coronavirus.
GM last week hosted an “EV Day” touting its future plans for an “all-electric future,” including at least 20 new all-electric vehicles by 2023. Tesla’s vehicles are all-electric.