Basic Motors mentioned Tuesday it's "aggressively pursuing austerity measures" and intends to attract down $16 billion from its revolving credit score amenities.

The corporate referred to as it a "proactive measure" to protect monetary flexibility. GM expects to have $15 billion to $16 billion in money on the finish of this month.

Within the wake of the announcement, GM shares have been up greater than 9% in early buying and selling. The inventory, which has a market worth of $26.three billion, had fallen 50% in 2020.

"We're aggressively pursuing austerity measures to protect money and are taking essential steps on this altering and unsure setting to handle our liquidity, guarantee the continuing viability of our operations and shield our clients and stakeholders," CEO Mary Barra mentioned in an announcement.

GM mentioned its monetary companies arm, GM Monetary, expects to finish the primary quarter with about $24 billion in liquidity...