General Motors announced plans to return “significant capital” to shareholders as the automaker seeks to move past recent labour strikes and difficulties with its ambitions for electric vehicles and driverless cars.
GM on Wednesday announced a $10bn share buyback and said it would increase its quarterly dividend by 3 cents per share — or 33 per cent — to 12 cents, helping send its stock more than 8 per cent higher in pre-market trading.
The announcement came as the company reinstated its earnings guidance for fiscal 2023, having withdrawn it about a month ago because of a labour dispute that ultimately led to thousands of US autoworkers walking off the job for about six weeks.
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