General Motors approves $6 billion share repurchase program to boost momentum

General Motors has approved a $6 billion share repurchase, adding to its momentum in 2024. This follows a $10 billion share buyback authorization from last year. GM's shares have risen by 34% this year. The company also increased its dividend to 12 cents per share. Additionally, GM is investing $850 million in its Cruise autonomous vehicle unit to address operational cash needs. Cruise faced challenges after an incident involving one of its autonomous vehicles in San Francisco. GM's Chief Financial Officer mentioned a reduced electric vehicle production forecast for the year. General Motors has seen a resurgence in its stock value this year. Ford and Stellantis have faced challenges in comparison. The new buyback authorization aims to continue returning cash to shareholders and capitalize on the company's profitability.