GM Mulls Record-Breaking $10-B Stock Buyback

General Motors Co. offered a response to critics of its unsteady push into electric vehicles and self-driving—showering shareholders with cash—according to David Welch's report for Reuters.

The automaker on Wednesday announced its biggest-ever stock buyback plan — $10 billion in total. I Photo: General Motors Facebook

The automaker on Wednesday announced its biggest-ever stock buyback plan — $10 billion in total — as Chief Executive Officer Mary Barra promised better days are ahead.

GM also boosted its dividend by 33% and reinstated earnings guidance after accounting for the costs of its new labor contract.

In short, GM has plenty to spare despite signing a deal that raises wages at its vehicle manufacturing plants.

It also showed that Mary Barra and other top GM executives would reap more cash from the company despite warning that the strike could conceivably run the company to the ground.

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