The $6bn share buyback was confirmed by CFO Paul Jacobson, who pointed out that the automotive giant is ramping up its capital allocation strategy. The GM board has approved this new plan, and the repurchase of up to $6bn of the company’s common shares will proceed. This new strategy is in addition to the $10bn accelerated share repurchase programme announced by GM at the end of 2023, which came at the same time the company spoke of its plans to boost the share dividend by 33%.

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Jacobson said their success comes from stable pricing and disciplined incentives that have helped it continue to perform. He also pointed out while speaking in New York at the Deutsche Bank Global Auto Industry Conference that:

We’ve seen a vehicle portfolio that customers just love, and all that spells a lot of success.

As for the carmaker’s EV production levels this year, the CFO placed it between 200k and 250k. That is a slight downgrade on the 200k-300k number previously estimated. However, Jacobson said that he expects this range of vehicles to be variable profit positive, meaning that GM will be selling the cars for more than the cost of the materials used and can begin offsetting its fixed costs. In fact, GM expects to reach variable profit across its entire EV range by the start of 2025.

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