Every truck owner in America is planning for the financial trainwreck ahead. GM is as well.

In an effort to bolster its emergency cash, GM has drawn $16 billion from its existing lines of credit. GM says this is a proactive measure to increase the company’s cash position and preserve financial flexibility in light of current uncertainty in global markets resulting from the COVID-19 pandemic. These funds will supplement GM’s strong cash position of approximately $15 billion to $16 billion expected at the end of March. That’s a lot of scratch.

“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 Mary Barra, GM chairman and CEO. “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.”

Even more impressive are the steps that GM financial has taken. GMF says that it had $24 billion of liquidity at the end of 2019 and expects to end the first quarter with similar levels of liquidity. This cash reserve is targeted to support at least six months of cash needs, including new originations, without any access to capital markets (that is a scary thought).

“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, GM Financial president and CEO.

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GM has also suspended its guidance due to the global economic uncertainty ahead. Don’t expect any updates on sales expectations in the near term. Fingers crossed that GM can maintain its operations in sleeper mode.