GM Declares Quarterly Dividend For The Third Quarter Of 2024

General Motors has declared a third quarter 2024 dividend in the amount of $0.12 per share on each share of outstanding GM stock. The Q3 2024 General Motors dividend is payable September 19^th, 2024 to all common shareholders of record as of the close of trading on September 6^th, 2024. The $0.12-per-share dividend matches GM’s dividend announced for Q2 of 2024, and is a 33-percent increase over the Q3 2023 dividend amount. The dividend rate of $0.12 per share has been consistent since it was increased from $0.09 per share at the end of the 2023 calendar year.

Last month, General Motors announced that the company board of directors had approved a new share buyback program, with plans to repurchase up to $6 billion worth of outstanding common stock. The new buyback program was planned to follow through following the completion of the previous stock buyback plan. GM previously announced a $10 billion accelerated share buyback program in November of 2023. Over the course of the first quarter of the 2024 calendar year, GM repurchased $0.3 billion in shares.

GM stock value is now hovering around the $46-per-share mark, dropping from a high of $50.15 per share on Tuesday prior to the announcement of Q2 2024 financial results on Wednesday, July 23^rd.

Like the rest of the auto industry, General Motors has shifted its electrification strategy significantly in the last six months. Although the automaker still plans to transition its light-duty vehicle lineup to all-electric powertrains by 2035, GM has also announced plans to reintroduce plug-in hybrid electric vehicles to its North American lineup in order to bridge the gap between internal-combustion-powered vehicles and all-electric vehicles. Additionally, Cadillac has announced plans to offer customers the “luxury of choice” between ICE and EV models, as compared to earlier plans to transition to EV-only models by 2030. Finally, GM is reportedly eyeing a change to its one-million EV production targets amid waning demand for EVs and a shifting regulatory environment.

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