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General Motors Suspends FY20 Outlook Amid COVID-19 Outbreak - Quick Facts

Automaker General Motors Co. (GM) announced Tuesday that it is suspending its 2020 financial guidance due to uncertainty around the business impact of the coronavirus (COVID-19) pandemic.

Further, the company intends to drawdown about $16.0 billion from its revolving credit facilities as a proactive measure to increase its cash position and preserve financial flexibility in light of current uncertainty in global markets resulting from the COVID-19 pandemic.

The funds will supplement the company's strong cash position of approximately $15 billion to $16 billion expected at the end of March.

"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 chairman and CEO.

Additionally, GM Financial has strong liquidity and capitalization. It had $24 billion of liquidity at the end of 2019 and expects to end the first quarter with similar levels of liquidity.

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