General Motors Board Greenlights New $6 Billion Stock Repurchase Plan
2024-06-11
DETROIT – General Motors Co. (NYSE: GM) made an official announcement today that its Board of Directors has given the green light to a fresh share repurchase authorization, permitting the repurchase of up to $6 billion worth of the company’s outstanding common stock.
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Paul Jacobson, GM’s executive vice president and chief financial officer, remarked, “The investments GM made in its brands and product portfolio over the last few years, coupled with the company’s operational discipline, have led to consistent strong revenue growth, margins, and free cash flow. We remain highly attentive to the profitability of our ICE business, enhancing the profitability of our EV business, and efficiently utilizing our capital. This enables us to continue distributing cash to our shareholders.”
GM had previously announced a $10 billion accelerated share repurchase in November 2023, while still having about $1.4 billion in available capacity under its prior share repurchase authorization. During the first quarter of 2024, GM repurchased $0.3 billion in shares and anticipates utilizing the remaining $1.1 billion of the prior authorization before the conclusion of the second quarter.
The new authorization will provide GM with the opportunity to selectively repurchase shares following the completion of the existing authorization.
In addition to persisting with shareholder returns through share repurchases, GM increased its common stock dividend by 33%, from $0.09 to $0.12 per share, in the initial quarter.
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2022 |
2023 |
2024 H1 (estimated) - Advertisement - |
Share Repurchases ($B) |
$2.5 |
$11.11 |
$1.4 |
Dividends ($B) |
$0.3 |
$0.5 |
$0.32 |
Total Shareholder Returns ($B) |
$2.8 |
$11.6 |
$1.72 |
1Repurchases amount includes full $10B of ASR announced in November 2023, and other repurchases in 2023.
The final settlement of the ASR is expected to occur no later than fourth quarter 2024.
2Includes declared second quarter 2024 dividend.
GM is scheduled to disclose its financial results for the second quarter on July 23, 2024, at 6:30 a.m. ET.
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General Motors (NYSE:GM) remains committed to propelling an all-electric future that is comprehensive and accessible for all. At the core of this initiative is the Ultium battery platform, which will energize everything from everyday vehicles to high-performance automobiles. General Motors, in collaboration with its subsidiaries and joint ventures, markets vehicles under various brands such as Chevrolet, Buick, GMC, Cadillac, Baojun, and Wuling. Further details about the company and its subsidiaries, including OnStar, a pioneer in safety services and connected vehicle technology, can be found at
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