GM suspends dividends, buybacks

GM scrambling to conserve cash amid the global health crisis that has slammed its vehicle sales. The automaker suspended its quarterly cash dividend and its share buyback program Monday.

It has also put off work on at least half a dozen future models to save cash. To further beef up its balance sheet, General Motors extended a $3.6 billion three-year revolving credit agreement to April 2022.

GM's sales fell off a cliff in March, driving quarterly sales down 7%.

Like other car makers in North America, GM has been forced to shut down some production. It has taken steps to restart some operations early next month, but its labor union says it's "too soon and too risky" to reopen auto plants.

With auto showrooms also shut, GM is encouraging consumers to buy vehicles online, trying to entice them with extended no-interest loans.

But GM's cash saving measures couldn't entice investors to buy its shares Monday, which dropped 2% shortly after the market opened.