General Motors reported Wednesday its sales dropped 21 percent in 2008 in North America. Total sales slumped 11 percent, the company said, according to Reuters.

This is the first time in 77 years that General Motors doesn't sell the most cars in the world. Now rival Toyota Motor has the title of world's largest automaker.

Shares of GM were up 4.29 percent or 15 cents to $3.65 each in premarket trading at 9:12 a.m. at the New York stock Exchange Wednesday.

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