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General Motors Cuts EV Output, Focuses on Shareholders with Massive Buyback

by Team Lumida
June 12, 2024
in Markets
Reading Time: 2 mins read
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Key Takeaways:
1. GM reduces 2024 EV production forecast from 300,000 to 250,000 units.
2. GM announces a $6 billion share buyback plan amid EV production cut.
3. GM shares have risen 50% since last buyback announcement in November.

What Happened?
General Motors (GM) announced a reduction in its 2024 electric vehicle (EV) production forecast, now targeting the higher end at 250,000 units, down from 300,000 units. This announcement came from CFO Paul Jacobson at the Deutsche Bank Global Auto Industry Conference. Alongside this, GM unveiled a new $6 billion share buyback plan.

This follows a $10 billion buyback announced last year after negotiating a new labor agreement with the United Auto Workers (UAW). GM’s stock, which closed at $47.57 on Monday, has seen a 50% increase since last November’s buyback announcement.

Why It Matters?
The reduction in EV production forecast reflects GM’s strategic pivot towards capitalizing on demand for its gasoline-powered models, which remain highly profitable. This shift is crucial as the automotive industry navigates fluctuating consumer preferences and regulatory environments. Paul Jacobson emphasized the company’s focus on profitability for both gas-powered and EV sectors.

The $6 billion buyback signals confidence in the company’s financial health and commitment to returning capital to shareholders, which may stabilize and potentially boost stock prices.

What’s Next?
Investors should monitor GM’s execution of its buyback plan and its impact on share prices. The company’s commitment to improving profitability in both its gas-powered and EV businesses will be pivotal. Watch for further updates on GM’s cost management strategies and any new developments in labor agreements, as these could influence production and profitability.

Additionally, keep an eye on how competitors like Ford, which is pursuing a $2 billion cost reduction plan, will respond to GM’s moves. The broader market and economic trends, including consumer behavior towards EV adoption, will also play significant roles in shaping the future landscape for GM and its peers.

Source: Reuters
Tags: automotive industryEV productionGeneral Motorsshare buybackstock price
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© 2025 Lumida Wealth Management LLC is an SEC registered investment adviser. Privacy Policy. Cookies Policy.
Disclaimer Important Information This site is for informational purposes only. Information presented on this site does not constitute as investment advice.

Lumida Wealth Management LLC (‘Lumida”) is an SEC registered investment adviser. SEC registration does not constitute an endorsement of the firm by the Commission nor does it indicate that the adviser has attained a particular level of skill or ability.

Lumida's website (referred to herein as the "Website") is limited to the dissemination of general information pertaining to its advisory services, together with access to additional investment-related information, publications, and links. Accordingly, the publication of the Website on the Internet should not be construed by any client and/or prospective client Lumida’s solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet.

Any subsequent, direct communication by Lumida with a prospective client will be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides.

‍Lead Capture Forms: By submitting your contact information in the forms on this site, you are not obligated to invest in Lumida's product or services.
‍Address: Lumida Wealth Management, 25 W 39th Street Suite 700, New York, NY 10018