From CNBC: 2024-06-11 07:39:51

General Motors approved a new $6 billion stock repurchase authorization following an accelerated $10 billion program expected to end this month. CFO Paul Jacobson said the focus is on profitability in both their internal combustion engine and EV business to efficiently return cash to shareholders. The new authorization allows for opportunistically repurchasing shares after the current program ends. GM stock closed at $47.57, up 32.4% this year.

With uncertainty in the adoption of all-electric vehicles, GM announced buyback plans amidst stalling customer demand for new vehicles. CFO Paul Jacobson attributed strong revenue growth, margins, and free cash flow to investments in brands and product portfolio, along with operating discipline. Shares of GM were up 1% in premarket trading.



Read more at CNBC: GM board approves new $6 billion share buyback authorization