GM to Pay Back Loan If Economy Continues to Recover
July 31, 2020
General Motors says it will be able to pay off its $16 billion loan by the end of the year if the U.S. economic recovery continues.
July 31, 2020—General Motors said on Wednesday that if the U.S. economy continues to economically recover from the pandemic shutdowns, the company should be able to pay back it's loan by the end of the year, reports Reuters.
According to the report, GM borrowed a total of $16 billion to ease the economic blow from production shutdowns. The company also said that it will be able to pay off the loan if the auto industry does not experience any further production shutdowns.
GM's North American plants were shutdown for eight out of the total 13 weeks of the quarter, but was a smaller second quarter loss than expected thanks to high-margin pickup truck sales and aggressive cost-cutting.
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