Detroit ? Bad news kept piling up for General Motors on Monday as its shares plunged to their lowest point in 60 years and some industry analysts predicted the automaker would collapse without a government bailout.

In addition, GM said it would cut 1,900 factory jobs on top of the 3,600 cuts announced on Friday.

“Without government assistance, we believe that GM’s collapse would be inevitable, and that it would precipitate systemic risk that would be difficult to overcome for automakers, suppliers, retailers and sectors of the U.S. economy,” Deutsche Bank’s Rod Lache wrote in a note to investors.

He essentially said GM’s common stock is worthless by cutting his price target to $0.

GM shares dropped $1, or 23 percent, to close at $3.36. Shares slipped at one point to $3.02, the lowest level since Dec. 2, 1946, according to the Center for Research in Security Prices at the University of Chicago.