GM board approves another $6 billion share repurchase as the automaker gains momentum

The board of General Motors has approved another $6 billion share repurchase as the Detroit automaker adds to its 2024 momentum. The announcement Tuesday follows a $10 billion share buyback authorization in November of last year. Shares in the Detroit automaker rose about 2% in afternoon trading while broader markets were little changed. GM shares are up 35% since the beginning of 2024. GM also raised its dividend to 12 cents per share from the previous 9 cents per share. Also Tuesday, GM said it’s investing another $850 million into the troubled Cruise autonomous vehicle unit. The money will “help with operational cash needs” until the company finds the right long-term capital strategy that could include partnerships and funding from outside of GM.