General Motors Co. (NYSE: GM) announced today that its Board of Directors has approved a new share repurchase authorization to repurchase up to $6 billion of the company's outstanding common stock.

"The investments GM made in its brands and product portfolio over the last several years, and the company's operating discipline, are delivering consistently strong revenue growth, margins and free cash flow," said Paul Jacobson, GM executive vice president and chief financial officer. "We are very focused on the profitability of our ICE business, we're growing and improving the profitability of our EV business and deploying our capital efficiently. This allows us to continue returning cash to shareholders."

In November 2023, GM announced a $10 billion accelerated share repurchase, while continuing to have approximately $1.4 billion in remaining capacity under its prior share repurchase authorization. In the first quarter of 2024, GM repurchased $0.3 billion in shares, and the company expects to exhaust the remaining $1.1 billion of the prior authorization before the end of the second quarter.

The new authorization will allow the company to opportunistically repurchase shares after the completion of the existing reauthorization.

In addition to continuing shareholder returns through share repurchases, GM increased its common stock dividend 33%, from $0.09 to $0.12 per share, in the first quarter.

¹Repurchases amount includes full $10B of ASR announced in November 2023, and other repurchases in 2023.
The final settlement of the ASR is expected to occur no later than fourth quarter 2024.

²Includes declared second quarter 2024 dividend.

GM will report its second quarter financial results on July 23, 2024, at 6:30 a.m. ET.