The General took a double punch to the gut his week even Bumblebee couldn't protect them from. First there were sales numbers down 24% for June on a month-to-month basis. That was a drop described by Deutsche Bank as so weak it was "surprising." Given sentiment toward US automakers these days, wethinks it takes a heck of a lot to be seen as "surprising." But then Bear Stearns dropped the second slug to the chest — a drop in credit rating from "overperform" to "peer perform." Maybe the magic of the "Allspark" will help them get back into fighting form. Or maybe they just need some lower gas prices during July — but they probably shouldn't be betting on it. Full press release from GM after the jump.
Jalopnik · Ray Wert
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