DETROIT – Normal Motors on Tuesday introduced a brand new $6 billion inventory repurchase authorization has been accredited by its board.

The brand new buyback authorization comes as an accelerated $10 billion share repurchase program introduced in November 2023 is predicted to be accomplished by the top of this month.

“We’re very targeted on the profitability of our [internal combustion engine] enterprise, we’re rising and enhancing the profitability of our EV enterprise and deploying our capital effectively. This enables us to proceed returning money to shareholders,” GM CFO Paul Jacobson mentioned in a launch.

The brand new authorization will permit GM to opportunistically repurchase shares after the completion of the prevailing reauthorization, the automaker mentioned. A timeframe for completion of this system was not introduced.

Shares of GM had been up 1% in premarket buying and selling. The inventory closed Monday at $47.57, up about 32.4% this yr.

The introduced buyback plans come amid uncertainty surrounding the adoption of all-electric automobiles, which GM has guess closely on, and stalling buyer demand for brand new automobiles.  

“The investments GM made in its manufacturers and product portfolio over the past a number of years, and the corporate’s working self-discipline, are delivering persistently robust income development, margins and free money circulation,” Jacobson mentioned.