DETROIT, Aug. 19,
2022 /PRNewswire/ -- General Motors Co. (NYSE: GM)
announced today that its Board of Directors has authorized the
reinstatement of a quarterly cash dividend on the company's
outstanding common stock at a rate of $0.09 per share. The first dividend will be paid
on Sept. 15, 2022, to shareholders of
record as of the close of business on Aug.
31, 2022.
GM also announced it will resume opportunistic share
repurchases. This week, the Board increased the capacity under the
company's existing repurchase program to $5.0 billion of common stock, up from the
$3.3 billion previously
remaining under the program.
"GM is investing more than $35
billion through 2025 to advance our growth plan, including
rapidly expanding our electric vehicle portfolio and
creating a domestic battery manufacturing infrastructure," said
Mary Barra, GM Chair and CEO. "Progress on
these key strategic initiatives has improved
our visibility and strengthened confidence in our capacity to
fund growth while also
returning capital to shareholders."
Recent growth milestones include:
- The largest single investment announcement in the company's
history: more than $7 billion in four
Michigan manufacturing sites,
including a new Ultium Cells LLC plant in Lansing, that will create 4,000 new jobs and
retain 1,000
- The launches of the GMC HUMMER EV Pickup and Cadillac LYRIQ,
the first vehicles developed on GM's Ultium Platform
- Significant customer demand for the GMC HUMMER EV Pickup and
SUV, the Cadillac LYRIQ and the Chevrolet Silverado EV
- The first customer deliveries for the BrightDrop Zevo 600
electric delivery vehicle, with volume commitments from leading
companies including FedEx, Walmart, Verizon and Merchants
Fleet
- The Ultium Cells plant in Warren,
Ohio is ready to come on-line this month; significant
construction progress has been made at the Ultium Cells plants in
Spring Hill, Tennessee, and
Lansing, Michigan, which open in
2023 and 2024, respectively
- Combined, these Ultium Cells plants are expected to create
6,000 construction jobs and 5,100 operations jobs when they are at
full capacity, and the location of a fourth U.S. cell manufacturing
plant will be announced soon
- The successful execution of binding agreements to secure all
the battery raw material GM requires to scale EV production to more
than 1 million units of annual capacity in North America by 2025
- The historic launch of a fully driverless commercial ride share
service in San Francisco by
Cruise, GM's majority-owned subsidiary
"GM's consistently strong earnings, margins and cash flow, our
investment-grade balance sheet, and the achievement of several
significant milestones in our growth strategy enables us to invest
aggressively to accelerate our all-electric future while
also supporting the return of excess free cash flow to
shareholders, aligned with our long-term capital allocation
strategy," said Paul Jacobson, GM
chief financial officer.
GM suspended its quarterly dividend in April of 2020 in response
to uncertainty driven by the global coronavirus pandemic.
Cautionary Note on Forward-Looking Statements: This press
release contains forward-looking statements that represent our
current judgment about possible future events. In making these
statements we rely on assumptions and analysis based on our
experience and perception of historical trends, current conditions
and expected future developments as well as other factors we
consider appropriate under the circumstances. We believe these
judgments are reasonable, but these statements are not guarantees
of any events or financial results, and our actual results may
differ materially due to a variety of important factors, both
positive and negative. A list and description of these factors can
be found in our Annual Report on Form 10-K and our subsequent
filings with the U.S. Securities and Exchange Commission. We
caution readers not to place undue reliance on forward-looking
statements. We undertake no obligation to update publicly or
otherwise revise any forward-looking statements, whether as a
result of new information, future events or other factors that
affect the subject of these statements, except where we are
expressly required to do so by law.
General Motors (NYSE:GM) is a global company focused
on advancing an all-electric future that is inclusive and
accessible to all. At the heart of this strategy is the Ultium
battery platform, which will power everything from mass-market to
high-performance vehicles. General Motors, its subsidiaries and its
joint venture entities sell vehicles under the
Chevrolet, Buick, GMC, Cadillac, Baojun and Wuling brands.
More information on the company and its subsidiaries,
including OnStar, a global leader in vehicle safety and
security services, can be found
at https://www.gm.com.
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SOURCE General Motors Co.