Transportation
GM Approves $6 Billion Buyback on Growth in EV Business
- Repurchase follows 33% dividend boost in the first quarter
- Automaker cites improvements in electric, gas car operations
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General Motors Co. authorized a new $6 billion share buyback plan as improving profitability in its primary business and growth in electric vehicles allow the automaker to return cash to investors.
The company plans to “opportunistically” buy its stock under the new program after completing a $10 billion accelerated share repurchase approved last November, according to a statement Tuesday. GM expects to exhaust the remaining $1.1 billion of the prior plan by the end of this quarter.