DETROIT – General Motors is raising its quarterly dividend and initiating a new $6 billion share repurchase program as the company attempts to reward investors amid slowing industry sales and profits.
GM announced Wednesday it is increasing its quarterly dividend by 25% to 15 cents per share — matching that of crosstown rival Ford Motor. The higher dividend is expected to take effect with the company’s next planned payout, scheduled to be announced in April.
Under the $6 billion repurchase plan, $2 billion in buybacks are expected to be completed during the second quarter.
“The GM team’s execution continues to be strong across all three pillars of our capital allocation strategy, which are to reinvest in the business for profitable growth, maintain a strong investment grade balance sheet, and return capital to our shareholders,” said GM CEO Mary Barra in a news release.
Barra last month suggested the company would continue to return…
