GM CEO Mary Barra on Monday called off the April unveiling of the supposed Tesla Killer, Cadillac Lyriq crossover.
The negative news combined with the coronavirus panic sent the value of the traditional automaker Stock below its pre-IPO price.
Last week, the 100+ year old ICE automaker unveiled plans to kill electric car maker Tesla, and planned to unveil the first fully-electric Cadillac Lyriq crossover in April 2020, the first of several battery-powered models Barra has said will debut in the next few years, but according to Barra the coronavirus is not helping the matter.
The automaker is instructing employees to have meetings with suppliers and vendors over video calls instead of in-person meetings,
The traditional automaker has advised employees to limit contacts with suppliers and vendors and instead use the power of the internet and other telecommunication means. According to GM’s spokesman, Jim Cain, the company is trying to limit travel and contact with people outside the Detroit-based company to protect workers.
GM Stock closed at $24.69, following an insane 14% drop.