GM has declared a first quarter 2024 dividend in the amount of $0.12 per share on each share of outstanding GM stock. The Q1 2024 General Motors dividend is payable March 14th, 2024 to all common shareholders of record as of the close of trading on March 1st, 2024. This represents a 33-percent increase over General Motors’ previous quarterly dividend of $0.09 per share announced for Q4 of the 2023 calendar year, which was payable December 14th, 2023.
Late in November of 2023, General Motors announced the 33-percent dividend increase in a business update, as well as the launch of an accelerated share repurchase program, allocating $10 billion in stock buybacks. The buyback will be carried out by Bank of America, Goldman Sash, Citibank, and Barclays, and will be completed in Q4 of the 2024 calendar year, with roughly 1.37 billion shares of common GM stock outstanding at the start of the buyback program.
GM declared a Q3, 2023 dividend of $0.09 per share last July, payable last September. The Q2 2023 dividend of $0.09 was announced last April, payable last June, while the Q1 dividend of $0.09 was announced last February, payable last March.
As GM Authority covered previously, General Motors sales increased 0.3 percent to 625,176 units during the fourth quarter of 2023 in the U.S., with sales increasing for the Buick brand, but decreasing for the Cadillac, Chevrolet, and GMC brands. General Motors EV sales increased for the sixth consecutive quarter, while the Chevy Trax and Chevy Trailblazer crossovers saw record sales for the quarter. The Cadillac Lyriq also recorded its highest quarterly sales ever. General Motors ended Q4 with 456,686 vehicles in inventory, on target with its objective.
Earlier in January, General Motors reported its sales numbers for the entirety of the 2023 calendar year. Sales in the U.S. were up 14 percent to 2,594,698 units, which included an increase at all four U.S. brands (Buick, Cadillac, Chevrolet, and GMC). General Motors also led the U.S. industry in total sales volume, and it was the top-selling manufacturer of trucks, full-size pickup models, full-size SUVs, affordable crossovers, and fleet vehicles.