GM Outlines $10 Billion Stock Buyback

3 months ago
GM Outlines , $10 Billion Stock Buyback.
On Nov. 29, General Motors (GM) said that the recent UAW strike deal will cost the company $9.3 billion. .
The company also said it would initiate $10 billion
in share buybacks, a dividend increase of 33%
and "substantially lower" spending at Cruise,
its autonomous vehicle division, Reuters reports. .
The company also said it would initiate $10 billion
in share buybacks, a dividend increase of 33%
and "substantially lower" spending at Cruise,
its autonomous vehicle division, Reuters reports. .
The company's stock price has suffered this year due to the strikes and issues with its self-driving Cruise vehicles, which have been documented in a number of accidents.
The company's stock price has suffered this year due to the strikes and issues with its self-driving Cruise vehicles, which have been documented in a number of accidents.
GM lowered 2023 profit expectations
as a result of the strikes as well.
When taking into account lost
production and terms of the UAW deal,
GM expects to lose $1.3 billion in 2023.
GM CEO Mary Barra outlined the company's
plans in an investor conference call.
Now that we have a ratified contract
and a clear path forward that includes
greater operating investment
efficiencies, we can resume returning
capital to shareholders per our plan, GM CEO Mary Barra, via investor conference call.
Our cash balance, which is well above our
target, is a function of our recent record
profits and our prudent management of
resources through the pandemic, supply
chain disruptions and labor negotiations, GM CEO Mary Barra, via investor conference call.
At the time of the investor call, shares were
close to $28, which is 15% less than the
company's IPO price in 2010

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