General Motors Company (NYSE:GM) shares revved up after directors of the Detroit-based carmaker approved a new $6 billion share buyback.
The new repurchase programme will follow the $10 billion "accelerated" buyback announced in November, of which the company said roughly $1.4 billion was remaining at the start of the year.
In the first quarter, as well as increasing its dividend 33% to $0.12 per share, GM repurchased $0.3 billion of shares in the first quarter and said it expects to snap up the remaining $1.1 billion before the end of the second quarter.
"The investments GM made in its brands and product portfolio over the last several years, and the company's operating discipline, are delivering consistently strong revenue growth, margins and free cash flow," said chief financial officer Paul Jacobson.
"We are very focused on the profitability of our ICE business, we're growing and improving the profitability of our EV business and deploying our capital efficiently. This allows us to continue returning cash to shareholders."