Almost all of the debt is in GM Financial which is a subsidiary. If GM Financial debt goes bad GM can just shutter the company. Also the debt is from leases, people right now during the pandemic are prioritizing paying their leases over the home loans and rent.

People make the argument that this is not a bad thing because these loans are backed.

In my opinion this is crazy. With EV at an inflection point, the value of used ICE cars will totally collapse and newly produced ICE cars will lose massive amounts of value as well.

The whole structure of how GM does business will make no sense in the future.

Why anybody would invest in a GM when there are amazing plays in the battery industry that is growing 50-100% every year is beyond me.