GM's Labor Deals Result in $9.3 Billion Hit, but Stock Buyback and Dividend Boost Offer Hope
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.