NEW YORK (S&P Global Ratings) Feb. 10, 2021--S&P Global Ratings today said that General Motors Co.'s (BBB/Negative) 2020 performance was better than we had expected because of increased pricing and lower costs, which helped offset the effects of the severe drop in its volumes and cash flows earlier in the year. We could consider revising our outlook to stable in the second half of 2021, depending on our view of GM's ability to counter several headwinds. These include volume shortfalls and resultant cash flow pressure in the first half from the semiconductor chip shortages, rising commodity prices, compliance costs, and the ongoing need to invest heavily toward electrification. Based on GM's recent performance, our base case (after incorporating a $2
