GM's Labor Deals Result in $9.3 Billion Hit, but Stock Buyback and Dividend Boost Offer Hope
TL;DR Summary
General Motors (GM) expects labor deals reached after a lengthy strike to cost the company $9.3 billion, but has announced plans for a $10 billion stock buyback and a 33% dividend increase. The automaker also lowered its 2023 profit outlook and plans to cut spending at its self-driving vehicle unit, Cruise. GM's stock price rose 9.8% following the announcement. The company aims to rebuild trust with regulators and improve its electric vehicle production and profit margins in the coming years.
Topics:top-news#business#cruise-self-driving-cars#dividend-increase#general-motors#labor-deals#stock-buyback
- GM sees $9.3 billion hit from labor deals, outlines $10 billion stock buyback Reuters
- GM initiates $10 billion buyback, boosts dividend and reinstates 2023 guidance after UAW strikes CNBC
- These 2 Auto Stocks Are Hitting the Gas in Wednesday's Rally The Motley Fool
- GM Is Back On Its Bullsh*t The Autopian
- GM delivers higher 2023 earnings estimate, ups dividend after UAW deal Detroit Free Press
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