GM lost (50)c per share with revenue down -53% to $16.8 billion. Adjusted EBIT was -$536 million, better than views for -$2.66 billion. GM nearly broke even in North America.
GM burned through $9 billion cash in the quarter, amid factory shutdowns. In Q2, GM’s new vehicle unit sales dived 34.6% in the U.S. and fell 5.3% in China.
The pandemic forced GM, Ford, and Fiat Chrysler to close factories and halt production. At the same time, people stopped driving and buying cars as their income was hit from business closures due to the pandemic.
Analysts say this could be one of the most difficult quarters for carmakers in modern history.
General Motors CFO Dhivya Suryadevara joins “Squawk Box” to discuss the company’s second-quarter earnings results.