Autos

General Motors to draw down $16 billion in credit, suspends 2020 outlook

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General Motors CEO Mary Barra speaks to the news media June12, 2018 in Detroit, Michigan.

Bill Pugliano | Getty Images

General Motors┬ásaid Tuesday it is “aggressively pursuing austerity measures” and intends to draw down $16 billion from its revolving credit facilities.

The company called it a “proactive measure” to preserve financial flexibility. GM expects to have $15 billion to $16 billion in cash at the end of this month.

In the wake of the announcement, GM shares were up more than 9% in early trading. The stock, which has a market value of $26.3 billion, had fallen 50% in 2020.

“We are aggressively pursuing austerity measures to preserve cash and are taking necessary steps in this…

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Source cnbc.com

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