Automakers Ford, General Motors and Fiat Chrysler plan to restart production on May 18. FOX Business’ Ashley Webster with more.
General Motors eked out a profit during the first three months of the year despite the coronavirus slowing business to a standstill during the final weeks of the first quarter.
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The Detroit-based automaker earned $294 million, or 17 cents a share, as net revenue fell 6.2 percent from a year ago to $32.7 billion and pandemic costs reached $1.4 billion. Adjusted earnings of 62 cents a share topped the 30 cents that analysts surveyed by Refinitiv were expecting.
“We are focused on preserving liquidity and taking the right actions today to make the company stronger and more competitive in the long term as we navigate through these unprecedented times,” General Motors CFO Dhivya Suryadevara said in a statement.
GM ended the first quarter with $33.4 billion of automotive liquidity, including a drawdown of about $16 billion from its revolving credit facilities.
This story is developing. Check back for updates.
