General Motors board approves $6 billion share buyback

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GM board approves new $6 billion share buyback authorization

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DETROIT — General Motors on Tuesday announced a new $6 billion stock repurchase authorization has been approved by its board.

The new buyback authorization comes as an accelerated $10 billion share repurchase program announced in November 2023 is expected to be completed by the end of this month.

“We are very focused on the profitability of our [internal combustion engine] business, we’re growing and improving the profitability of our EV business and deploying our capital efficiently. This allows us to continue returning cash to shareholders,” GM CFO Paul Jacobson said in a release.

The new authorization will allow GM to opportunistically repurchase shares after the completion of the existing reauthorization, the automaker said. A timeframe for completion of the program was not announced.
Shares of GM were up 1% in premarket trading. The stock closed Monday at $47.57, up about 32.4% this year.

The announced buyback plans come amid uncertainty surrounding the adoption of all-electric vehicles, which GM has bet heavily on, and stalling customer demand for new vehicles.

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