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GM shares hit 50-year-low prior to sales report

Shares of General Motors fell Monday to their lowest level since 1954 on the eve of a report on June vehicle sales.

GM stock hit a low of $10.57 in the session, the lowest level for the company's stock since September 1954.

Last week, GM shares tumbled after Goldman Sachs analysts downgraded the company to “Sell” from “Neutral” and cut their six-month price target to $11 from $19.

So far this year, shares of the world's largest automaker have lost half their value.

The automaker is set to announce its June sales numbers Tuesday and the outlook is grim. (Xinhua)