GM General Motors Company

By Colin Kellaher

General Motors Co. on Tuesday said it is moving to shore up its financial position and pulling its financial guidance in the wake of the coronavirus pandemic.

The Detroit auto maker said it plans to draw down roughly $16 billion from its revolving credit facilities in a proactive measure to boost its cash position and preserve financial flexibility.

GM said the funds will supplement the cash position of $15 billion to $16 billion it expects to have at the end of the month.

"We are aggressively pursuing austerity measures to preserve cash and are taking necessary steps in this changing and uncertain environment to manage our liquidity, ensure the ongoing viability of our operations and protect our customers and stakeholders," said Mary Barra, GM's chairman and chief executive.

GM also said it is suspending its 2020 guidance due to uncertainty over the impact of the pandemic. The company last week said it was suspending manufacturing operations in North America until at least March 30 in response to the crisis.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

March 24, 2020 08:35 ET (12:35 GMT)

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