FILE - A General Motors logo is shown April 24, 2024, in Detroit. The board of General Motors on Tuesday, June 11, approved another $6 billion share repurchase as the Detroit automaker continues to build momentum in 2024. WASHINGTON — General Motors approved another $6 billion share repurchase as the Detroit automaker continues to build momentum in 2024.
The Tuesday announcement follows a $10 billion share buyback authorization in November of last year. Shares in the Detroit automaker rose 2%, to $48.52 Tuesday while broader U.S. markets declined. GM shares are up 34% since the beginning of 2024.This year has proven to be a bit of a renaissance for the storied company, whose shares sunk to around $26 late last year. Excluding the pandemic swoon in spring of 2020, GM shares hadn’t fallen that low in a decade.
amid increased competition and a slowdown in electric vehicle sales. Sales fell 9% in the period, the first year-over-year quarterly sales decline in nearly four years. The drop in sales came even as the company rolled out numerous and