General Motors Board Approves New $6 Billion Stock Buyback

By Dean Seal

The board of General Motors has authorized the repurchase of up to $6 billion in shares in a new program that builds on other moves in recent months to appease shareholders.

The automaker said last November that its board had approved a $10 billion accelerated share buyback while still having $1.4 billion of capacity from a previous program.

General Motors said Tuesday that it purchased $300 million in shares during the first quarter and expects to exhaust the remaining $1.1 billion capacity of the prior program before the second quarter ends.

The latest buyback authorization comes two months after General Motors lifted its common stock dividend by a third to 12 cents a share.

The company is looking to bolster shareholder support as it makes big swings toward electric and driverless vehicles. General Motors' stock price has risen by nearly a third since the start of the year and gained another 1% in premarket trading.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

June 11, 2024 07:52 ET (11:52 GMT)

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