DETROIT — General Motors reported a $758 million second-quarter loss as the coronavirus pandemic sharply cut production and revenue by more than half.
GM said cost cutting and strong pricing allowed the automaker to nearly break even in North America despite its plants being closed for eight weeks.
GM lost $101 million in North America, compared with a gain of $3 billion in the second quarter of 2019.
“These results illustrate the resiliency and earnings power of the business as we make the critical investments necessary for our future,” CFO Dhivya Suryadevara said in a statement Wednesday.
Global revenue fell 53 percent to $16.8 billion, and its adjusted loss before interest and taxes was $536 million, compared with $3 billion a year earlier. The company burned through $8 billion in automotive operating cash but said it still had “strong” liquidity of $30.6 billion after borrowing $16 billion in March to help weather the crisis.
GM’s international regions lost $270 million in the quarter, compared with a $48 million loss a year earlier, and China equity income fell by $66 million to $169 million.
Earnings from GM Financial decreased 58 percent to $226 million.
GM’s loss of $464 million so far this year compares with net income of $4.6 billion in the first half of 2019.
Shares of GM closed Wednesday’s trading down 1.7 percent to $25.89.
GM told salaried employees Wednesday that it will stop deferring 20 percent of their pay and give them the missed earnings later this year, rather than in early 2021 as it had planned. GM previously said the salary deferrals, which started April 1 as a way to conserve cash, could last for six months.
“GM deserves credit for pivoting quickly and rolling out blockbuster incentive programs that arguably kept the