Even though General Motors was able to reopen its U.S. factories for the last half of the second quarter, the company still lost $806 million from April through June.
The Detroit automaker closed its plants on March 18 and they remained idle for two months due to the coronavirus. Production didn't resume fast enough to stem the losses.
The company raised borrowing on its revolving credit line to $16 billion to get through the crisis, pushing automotive debt to over $32 billion. It was $13 billion a year ago. Suryadevara said the company nearly reached break-even pretax earnings in North America in a challenging quarter. U.S. sales tumbled 35% in April, but that improved to a decline of around 20% year over year in May and June, the company said.
With China recovering from the coronavirus outbreak, GM reported income of $200 million there. But its international operations, including China, lost a total of $300 million.
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