General Motors Company announced on Wednesday that its board of directors approved a new $6 billion share repurchase, with the automaker entering into an accelerated share repurchase (ASR) program to carry out $2 billion of its approved share buyback.
"The GM team's execution continues to be strong across all three pillars of our capital allocation strategy, which are to reinvest in the business for profitable growth, maintain a strong investment grade balance sheet, and return capital to our shareholders," GM's CEO Mary Barra stated, claiming that the business growth is thanks to the company's portfolio of internal combustion engine (ICE) vehicles and electric vehicles (EVs).
The company also announced a $0.03 per share increase in the quarterly dividend rate, which will be $0.15 per share beginning with the next planned dividend, which is set to be declared in April.
