GM Approves $6 Billion Share Buyback Amid Strong EV Profits
General Motors (GM) has approved a new $6 billion share buyback plan, following the completion of a $10 billion accelerated share repurchase program initiated in November 2023. The automaker plans to repurchase its stock opportunistically under the new authorization once the remaining $1.1 billion of the prior authorization is exhausted by the end of this quarter.
In addition to the share repurchase plan, GM has increased its quarterly dividend by 33% to 12 cents per share, reflecting improved profitability in its electric vehicle operations. Shares of GM were up 1% in premarket trading, with the stock closing at $47.57, marking a 32.4% increase this year.
