General Motors wants to withdraw roughly $16 billion from its credit facilities as a proactive measure against all the uncertainty revolving around global markets due to the COVID-19 pandemic.

This action will preserve financial flexibility and give the U.S. carmaker a strong cash position of about $15 billion to $16 billion at the end of March. GM is also suspending its 2020 guidance for the exact same reasons, just as Ford did last week.

“We are aggressively pursuing austerity measures to preserve cash and are taking necessary steps in this changing and uncertain environment to manage our liquidity, ensure the ongoing viability of our operations and protect our customers and stakeholders,” said GM chairman and CEO, Mary Barra.

GM CEO Mary Barra

“Over the past several years, we have made necessary, strategic decisions and structural changes that have transformed the company and strengthened the business, better positioning us for downturns.”

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Meanwhile, GMF (GM Financial) is said to continue to have strong liquidity and capitalization. Liquidity stood at $24 billion at the end last year, with the carmaker expecting to end the first quarter of 2020 at a similar level. Its liquidity level is meant to support at least six months of cash needs, without access to capital markets.

“GM Financial has prepared for times like this by maintaining a strong financial position and ready access to cash. We are confident that we will be able to navigate the challenges created by this environment without capital from GM,” said Dan Berce, GMF president and CEO.