By Ben Glickman


General Motors increased its quarterly dividend 33% on Monday, consistent with what it planned as part of increased returns to shareholders.

The automaker lifted its payout to 12 cents a share from 9 cents in the prior quarter. The company said in November that it planned to raise its dividend to 12 cents in 2024.

The new dividend, equal to 48 cents a year, represents an annual yield of 1.4% based on the Monday closing price of $35.39.

GM also announced an accelerated $10 billion share buyback program, which will come from capital previously dedicated to electric and autonomous vehicle development.

The dividend is payable March 14 to shareholders of record as of March 1.


Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

01-29-24 1630ET