General Motors Co. said on Monday the automaker has suspended its quarterly cash dividend on its common stock and its share buybacks to save cash in the face of the coronavirus crisis that has severely hurt global automobile sales.

Shares of GM (GM) were 1.4% lower at $21.65 before the bell.

"We continue to enhance our liquidity to help navigate the uncertainties in the global market created by this pandemic," said GM Chief Financial Officer Dhivya Suryadevara.

GM, which has been forced to shut some production in North America along with other car makers, had earlier said it has postponed work on at least half a dozen future models to conserve cash during the pandemic.

GM as well as rivals Ford Motor Co. and Toyota Motor Corp. have taken steps to reopen North American vehicle manufacturing operations in early May, but the move has met with opposition from the companies' labor union that say it is "too soon and too risky" to reopen auto plants.

The No.1 U.S. automaker also said on Monday it had extended a three-year revolving credit agreement for $3.6 billion to April 2022.