General Motors announced a $10 billion share buyback – Kommersant

Today, November 29, General Motors reported about an accelerated share buyback plan totaling $10 billion. This is the largest buyback of GM shares in recent years. In addition, the company announced an increase in dividends to shareholders by 33% from January 2024.

GM also revised downward its forecast for 2023 as a whole. It expects net income to range from $9.1 billion to $9.7 billion, down from previously forecasting $9.3 billion to $10.7 billion. This is primarily due to losses related to strike at GM factories, which lasted almost a month and a half. The company estimates these losses at $1.1 billion. GM also published a forecast for increased costs due to increased wages and other payments to workers as a result of the agreement with the union: they will amount to $9.3 billion over the next four years, including $1.5 billion – next year.

GM shares rose 10.3% after the announcement.

Yana Rozhdestvenskaya