GM is looking at a “moderate” and a more “severe” downturn in its planning. It will be helped here by the ~$4.5 billion in costs it shed during 2018-2020. It’s also heled by its Ultium platform. However, like all major automakers, GM’s future will be significantly affected by its suppliers and the government policies they operate under, as well as impediments or assistance by the governments where GM does business, say dysfunctional federal and state governments in the US and the severe economic contraction in China as two significant wild cards. Then there’s inflation: On commodities, GM says about 33% of its pricing is indexed; with the balance under multi-year pricing agreements. The US Department of Energy has granted GM and LG Energy Solutions a $2.5 billion loan to Ultium Cells LLc for another battery plant. GM just needs to close it.