NEW YORK (TheStreet) -- General Motors Co. (GM) and General Motors of Canada Ltd. are being sued by a group of prominent Canadian dealers, saying the auto maker has ignored their repeated pleas for financial help to address a dramatic drop in sales and market share, the Globe and Mail reports.
GM Canada's market share in the Greater Toronto Area fell over 50% between 2008 and 2013, hitting just 5.6% last year, according to the suit by 17 Toronto-area dealers.
The list of dealers includes operators of some of the biggest GM dealerships in the country and some whose relationship with the company goes back to the 1920s, the Globe and Mail said.
TheStreet Ratings team rates GENERAL MOTORS CO as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate GENERAL MOTORS CO (GM) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, good cash flow from operations, largely solid financial position with reasonable debt levels by most measures and increase in stock price during the past year. We feel these strengths outweigh the fact that the company has had sub par growth in net income."