GM Took $6 Billion They Could Have Spent On EV Development And Gave It To Rich Stockholders

Despite numerous delays and mounting competition from Ford, Stellantis, and the Chinese, the GM board decided to take $6 billion and pump its share price instead of investing in the company’s future.

 

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.