As General Motors (GM) deals with plant closures and a drop in car sales amid the coronavirus pandemic, the automaker has suspended its quarterly dividend and stock buyback option as it looks to hold on to cash.

The company announced the suspension on Monday, with Dhivya Suryadevara, GM chief financial officer, saying in a statement, “We continue to enhance our liquidity to help navigate the uncertainties in the global market created by this pandemic. Fortifying our cash position and strengthening our balance sheet will position the company to create value for all our stakeholders through this cycle.”

At the time, GM also announced that it was extending its $3.6 billion, three-year revolving credit facility to April 2022 as it looks for more liquidity during the COVID-19 crisis.

According to CNBC, GM had about $32 billion in cash available at the end of March, including $16 billion it drew down from its revolving credit facility. The company also extended a $2 billion 364-day revolving credit agreement to April 2021.

GM shut down its U.S. production plants in March due to the coronavirus. The company has not yet said when it will re-open plants but has been in talks with the United Auto Workers union about when it would be safe for these facilities to resume operations.

Last week the UAW said it was opposed to an early May start date for the Big Three’s production plants. Fiat Chrysler said it will begin production this week while Ford has yet to announce a re-opening date.

Shares of GM stock were up 0.02% as of 12:22 p.m. EDT on Monday.

General Motors, the biggest US automaker, delivered 735,909 vehicles during the quarter ending December
General Motors, the biggest US automaker, delivered 735,909 vehicles during the quarter ending December GETTY IMAGES NORTH AMERICA / BILL PUGLIANO
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