GM to buy back 10 bln in stock, boost dividend by 33
Stock jumps 9.8, Ford and Stellantis also gain
GM cuts 2023 profit outlook
GM to cut spending on robotaxi unit Cruise
CEO Barra 39;disappointed39; with EV production this year

Nov 29 Reuters General Motors said on Wednesday its new labor deals after a lengthy U.S. strike will cost it 9.3 billion even as it outlined 10 billion in share buybacks, a 33 dividend increase and substantially lower spending at its robotaxi unit Cruise.

The buyback is the equivalent at Tuesday39;s closing price to nearly a quarter of GM39;s common stock. Its shares were down about 14 this year before rising 9.8 to 31.71 on Wednesday. The stock is still below the 33.66 price it closed at just ahead of the UAW strike39;s start on Sept. 15.

Shares in Ford and Chrysler parent Stellantis, which also were hit by the UAW strike, were up 4.3 and 4.8, respectively.

GM lowered 2023 profit expectations after the U.S. strike by the United Auto Workers UAW.

The Detroit automaker has struggled to boost its stock price as it dealt with the strike and with problems at its Cruise selfdriving vehicle unit and rollout of its new electric vehicles.

Finally some good news for GM and this was strong outlook and comments from Barra Co post the UAW debacle, Wedbush Securities analyst Daniel Ives said in an email. Now its about getting the train back on the tracks and this a great start.

The 9.3 billion in additional costs through 2028 is for agreements…