GM Boosts Dividend, Initiates $10 Billion Buyback, and Reinstates 2023 Guidance
General Motors (GM) is taking steps to regain investor confidence by announcing a $10 billion share buyback, a 33% increase in its quarterly dividend, and the reinstatement of its 2023 guidance. The guidance includes an estimated $1.1 billion impact from labor strikes by the United Auto Workers union. GM CEO Mary Barra stated that the company is implementing a long-term plan to reduce costs and develop products more efficiently. The stock jumped approximately 7% in premarket trading following the announcement.