DETROIT (Reuters) - General Motors Corp (GM.N: Quote, Profile, Research) will need to raise over $9 billion in financing over the next two years to refinance existing debt and to offset projected cash losses in its auto operations in North America, Lehman Brothers analyst Brian Johnson said on Wednesday.

Analysts handicapping GM's turnaround efforts have focused increasingly on its cash position rather than reported earnings because of the pressure the No. 1 U.S. automaker faces from a slump in U.S. auto sales that has hit the market for trucks and SUVs particularly hard.

"GM will need to refinance close to $8.7 billion of debt coming due between now and January 2010, as well as absorb additional cash burn of close to $11 billion," Johnson said in a note for clients.

He added: "We remain cautious until the impact of this more fully works its way into GM valuation."

GM Chief Financial Officer Ray Young on Tuesday said GM had about $7 billion in undrawn credit facilities in addition to its roughly $24 billion in liquidity as of the end of the first quarter.

He said that while GM was confident of its "liquidity cushion" through 2008, it could take action to raise funds and to cut cut costs further if the current U.S. economic downturn deepens or becomes prolonged.

"If current adverse economic conditions persist or deteriorate further, we would consider a wide range of possible actions to reduce our funding needs and to obtain additional liquidity," Young said at a presentation for bankers outside Detroit.

GM posted negative cash flow of $3.6 billion in the first quarter and had cash and liquid assets of $23.9 billion as of the end of March.

Johnson's estimate for GM's projected operational cash burn includes $7 billion this year and $3 billion in 2009.