GM board approves new share repurchase plan, including $2 billion ASR, and higher rate for future dividends

Core Points - General Motors has approved a $0.03 increase in its quarterly common stock dividend, raising it to$0.15 per share, effective with the next planned dividend in April 2025 [3] - The company has authorized a new $6 billion share repurchase program, with an initial$2 billion to be executed through an accelerated share repurchase (ASR) program [1][5] - Capital spending for 2025 is projected to be between $10 billion and$11 billion, including over $8 billion for research and product development [2] Capital Allocation Strategy - The company is focused on three pillars: reinvesting in profitable growth, maintaining a strong investment-grade balance sheet, and returning capital to shareholders [2] - The share repurchase program aligns with the company's commitment to its capital allocation policy [4] Share Repurchase Details - The ASR program will involve an aggregate of$2 billion to retire GM common stock, with the total number of shares repurchased determined by the average daily volume-weighted prices during the program [5] - GM has $4.3 billion remaining under its share repurchase authorizations for additional opportunistic repurchases [6] Business Outlook - GM's business plan is deemed confident, with a strong balance sheet and agility to respond to public policy changes [4] - The company is leveraging advanced technology to build a diverse portfolio of vehicles, including both internal combustion engine (ICE) vehicles and electric vehicles (EVs) [7]