GM Boosts Dividend, Launches $10 Billion Stock Buyback Amid UAW Strikes

General Motors (GM) plans to increase its dividend by 33% and repurchase $10 billion of shares, its largest-ever buyback plan, in an effort to boost investor interest in a stock that has slumped this year due to faltering technology investments. Despite high interest rates and capital burdens from its electric-vehicle efforts, GM aims to demonstrate its ability to generate significant cash while investing in technology. The company also reinstated its 2023 earnings guidance, which is slightly below its previous range, and plans to offset added labor expenses through greater efficiencies and cost cuts. GM's stock surged 9.5% following the announcement.