General Motors Corp. lowered its earnings guidance Wednesday, citing lower North American sales and production volumes amid a tougher pricing environment. Its shares plunged 12 percent lower in early trading.
The world’s biggest automaker said it expects a first-quarter loss of about $1.50 a share, compared with a previous target of break-even or better. It expects income of $1 to $2 per share for the full year, down from its previous guidance of $4 to $5.
GM shares sank $4.71, or 14 percent, to close at $29.01.