General Motors announced hefty new initiatives Wednesday to return billions of dollars to shareholders, lifting its stock price as it estimated the recent labor strike hit at $1.1 billion.
The automaker lost about 95,000 vehicles in 2023 due to the United Auto Workers labor stoppage, executives said, adding that the overall cost of the new multi-year contract was modestly higher than executives had expected.
GM announced a $10 billion “accelerated” share repurchase program and plans to boost its dividend by 33 percent.
“GM will deliver very strong profits in 2023,” said Chief Executive Mary Barra.
