GM secures new $6 billion credit line as UAW strike costs reach $200 million

DETROIT – General Motors
secured a new $6 billion line of credit as the automaker braces for additional strikes by the United Auto Workers union.

“The facility that we announced today is a $6 billion line of credit that I think is prudent in light of some of the messages that we’ve seen from some of the UAW leadership that they intend to drag this on for months,” CFO Paul Jacobson told CNBC’s Phil LeBeau in an interview on “Halftime Report.”

The targeted strikes already cost the automaker $200 million during the third quarter, GM said Wednesday.