Hyperdrive
GM Commits Billions to Shareholder Returns as EV Push Stalls
- Automaker plans $10 billion stock buyback, its biggest ever
- Company reinstates earnings guidance after UAW strike ends
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General Motors Co. offered a response to critics of its unsteady push into electric vehicles and self-driving: Showering shareholders with cash.
The automaker on Wednesday announced its biggest-ever stock buyback plan — $10 billion in total — as Chief Executive Officer Mary Barra promised better days are ahead. GM also boosted its dividend 33% and reinstated earnings guidance after accounting for costs of its new labor contract.