With auto strike over, GM announces big share buybacks

General Motors announced hefty new initiatives Wednesday to return billions of dollars to shareholders, lifting its stock price as it estimated the recent labor strike hit at $1.1 billion.

The automaker lost about 95,000 vehicles in 2023 due to the United Auto Workers labor stoppage, executives said, adding that the overall cost of the new multi-year contract was modestly higher than executives had expected.