General Motors outlined plans for a May 18 restart for most of its North American plants shut down by the coronavirus pandemic as it reported a huge plunge in first-quarter profits
) on Wednesday outlined plans for a May 18 restart of most of its North American plants shut down by the coronavirus pandemic as it reported a stronger than expected quarterly profit, sending its shares up 5.3%.
“With the level of uncertainty out there, it’s too early to tell until the economy starts to open up,” Chief Financial Officer Dhivya Suryadevara told reporters. The Detroit automaker has slashed costs and made other moves during the COVID-19 outbreak, including suspending its dividend and share buybacks, closing its Maven car-sharing unit, delaying work on some product programs, reducing marketing budgets and cutting white-collar workers’ salaries. It also added $16 billion to its cash position by drawing down credit lines.
“We’re certainly seeing green shoots in China,” CFO Suryadevara said. “Production has completely restarted and the dealers are seeing increased traffic. Sales are improving.” GM said it is aiming to increase its China market share this year.FILE PHOTO: Final inspection is performed as the vehicles are ready to leave the assembly line at the General Motors manufacturing plant in Spring Hill, Tennessee, U.S. Picture taken August 22, 2019.
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