GM had $6 billion to spend on next-gen EVs, chose stock buybacks | opinion
![/2024/gm-had-6-billion-to-spend-on-nextgen-evs-chose-stock-buybacks-opinion/image.jpeg /2024/gm-had-6-billion-to-spend-on-nextgen-evs-chose-stock-buybacks-opinion/image.jpeg](/2024/gm-had-6-billion-to-spend-on-nextgen-evs-chose-stock-buybacks-opinion/image.jpeg)
Jo Borrás writing for Electrek
A few short weeks after labor negotiations led to a six-week UAW strike at GM plants, GM board members approved a $10 billion accelerated stock buyback plan. This week, the board kicked off that initiative with a $6 billion purchase and raising its shareholders’ stock dividend by 33 percent (to 12 cents per share) in the first quarter … a move that, to this writer, seems like a blatantly cynical cash-grab and shockingly shortsighted dereliction of the board’s fiduciary duty to the well-being of the company.
GM doesn’t seem to have its priorities straight lately.